Daily Gold News: Tuesday, June 22 – Gold Consolidating Below $1,800 Price Level

The gold futures contract gained 0.79% on Monday, as it fluctuated following its $100 decline after last week’s FOMC Statement release. 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 along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.1% higher, as it is still trading below $1,800 price mark. What about the other precious metals? Silver is 0.1% higher, platinum is 0.3% higher and palladium is unchanged today. So precious metals’ prices are flat this morning.

The markets will be waiting for today’s Fed Chief Powell’s Testimony at 2:00 p.m. and Wednesday’s important PMI numbers releases.

Where would the price of gold go following last Wednesday’s FOMC Statement? We’ve compiled the data since January of 2017, a 51-month-long period of time that contains of thirty five FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 35 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.64% higher 10 days after the FOMC Statement announcement.

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

Tuesday, June 22

• 10:00 a.m. U.S. – Existing Home Sales, Richmond Manufacturing Index
• 11:00 a.m. U.S. – FOMC Member Daly Speech
• 2:00 p.m. U.S. – Fed Chair Powell Testimony

Wednesday, June 23

• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:00 a.m. U.S. – FOMC Member Bowman Speech
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – New Home Sales
• 11:00 a.m. U.S. – FOMC Member Bostic Speech
• 12:00 p.m. Eurozone – ECB President Lagarde Speech

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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