Daily Gold News: Friday, June 11 – More Gold’s Sideways Trading Action

The gold futures contract gained 0.05% on Thursday, as it further extended its short-term consolidation following last week’s rebound. On Tuesday more than a week ago gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is trading along $1,900 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.4% lower, as it continues to trade relatively close to $1,900 price level. What about the other precious metals? Silver is 0.6% higher, platinum is unchanged and palladium is 0.4% higher today. So precious metals are mixed this morning.

Yesterday’s CPI number release has been higher than expected at +0.6% m/m. The markets went risk-on and the broad stock market has set new record high. Today we will get the Preliminary UoM Consumer Sentiment release.

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

Friday, June 11

• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• All Day – G7 Meetings

For a look at all of today’s economic events, check out our economic calendar.

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

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