Daily Gold News: Monday, June 14 – Gold Dropping to Recent Low

The gold futures contract lost 0.89% on Friday, as it extended its short-term consolidation following the rebound from around $1,850. On June 1 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 at its previous local low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 1.3% lower, as it is extending Friday’s decline. What about the other precious metals? Silver is 0.8% lower, platinum is 0.2% higher and palladium is 0.5% lower today. So precious metals are lower this morning.

Friday’s Preliminary UoM Consumer Sentiment release has been better than expected at 86.4. Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s Retail Sales release and the important Wednesday’s FOMC Statement release.

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

Monday, June 14

• No important economic data releases

Tuesday, June 15

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, PPI m/m, Core PPI m/m, Empire State Manufacturing Index
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index

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.

* * * * *

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.