Gold Going Sideways Ahead Of Powell’s Testimony On Monetary Policy

Stock Market Strategist & Author
June 16, 2020

The gold futures contract lost 0.58% on Monday, as it retraced some of its last week’s advance. The price has been breaking above $1,750 mark recently. But it came back closer to $1,700 yesterday. 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 0.2% higher this morning. What about the other precious metals? Silver lost 0.47% on Monday and today it is 0.1% lower. Platinum gained 0.33% and today it is 0.4% higher. Palladium lost 0.28% on Monday and today it is trading 1.2% higher. So precious metals are going sideways this morning.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, previous Friday’s US monthly jobs data along with Nonfarm Payrolls number have been positive.

Today we will get the important U.S. retail sales number at 8:30 a.m. and a Testimony from the Fed Chair Powell at 10:00 a.m. The Retail Sales number will likely be positive following last month’s decline of over 16%. Expectations for the month of May are at around +8%.

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

Tuesday, June 16

  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Business Inventories m/m, NAHB Housing Market Index

Wednesday, June 17

  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 8:30 a.m. Canada - CPI m/m
  • 12:00 a.m. U.S. - Fed Chair Powell Testimony
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate

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

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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.


Paul Rejczak is a stock market strategist who has been known for the 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, and is the author of the Gold Price News at, the Silver Price News at, and Stock Trading Alerts at

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