Gold’s Intraday Reversal, Sideways Trading Action Continues

June 18, 2020
Stock Market Strategist & Author

The gold futures contract lost 0.05% on Wednesday, as it extended its short-term consolidation above the price level of $1,700. Gold has been breaking slightly above $1,750 mark recently. But it came back closer to $1,700 on Monday. Last Wednesday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart:

Gold is trading 0.3% lower this morning following an overnight advance. What about the other precious metals? Silver  gained 0.7% on Wednesday and today it is 0.5% lower. Platinum lost 0.68% and today it is 0.9% lower. Palladium lost 0.89% yesterday and today it is trading 0.5% lower. So precious metals continue to trade within a short-term consolidation.

Yesterday’s U.S.Building Permits and Housing Starts releases have been mixed. And the Fed Chair Powell’s testimony haven’t been much of a market mover. Today we will have the Philly Fed Manufacturing Index and the Unemployment Claims releases at 8:30 a.m. and then the CB Leading Index release at 10:00 a.m.

Below you will find our Gold,Silver anf Minig Stocks economic news schedule for the next two trading days:

Thursday, June 18

  • 7:00 a.m. U.K. - Official Bank Rate, Monetary Policy Summary
  • 8:30 a.m. Canada - ADP Non-Farm Employment Change, NHPI m/m, Wholesale Sales m/m
  • 8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims
  • 10:00 a.m. U.S. - CB Leading Index m/m

Friday, June 19

  • 8:30 a.m. U.S. - Current Account
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 1:00 p.m. U.S. - Fed Chair Powell Speech
  • All Day, Eurozone - EU Economic Summit

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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Paul Rejczak is a stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.

The first use of gold as money occurred around 700 B.C., when Lydian merchants (western Turkey) produced the first coins

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