Mixed Economic Data, Gold Price Continues Sideways

June 19, 2020
Stock Market Strategist & Author

The gold futures contract lost 0.26% on Thursday, as it further extended its short-term consolidation slightly below the price level of $1,750. Powell’s testimonies on Wednesday and Thursday didn’t bring any new surprises for the financial markets. And gold is still trading within a medium-term consolidation, as we can see on the daily chart:

Gold is trading 0.8% higher this morning, as it gets back to yesterday’s daily high. What about the other precious metals? Silver lost 1.50% yesterday and today it is 1.8% higher. Platinium lost 3.10% and today it gains 2.3%. Palladium lost 0.88% on Thursday and today it is trading 0.4% higher. So precious metals extend their short-term consolidation today.

Thursday’s Philly Fed Manufacturing Index has been much better-than-expected at 27.5 vs. its previous reading of -43.1. But Unemployment Claims number cam at 1.5 million again vs. expectations of 1.3 million. So overall, yesterday’s economic data releases have been mixed.

Today, we won’t have any new important economic news releases. However, the Fed Chief Powell will speak again at 1:00 p.m.

Below you will find our Gold, Silver and Mining Stocks economic news schedule for today:

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

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter.  Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

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

* * * * *

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.

********

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

Gold Eagle twitter                Like Gold Eagle on Facebook