Gold futures are trading higher today, extending Tuesday's gains. The price was trading above the $1,750 mark earlier this month. But it came back closer to $1,700 on Monday. Last Wednesday’s FOMC statement turned out to be a short-term game-changer, sending gold higher. The market is still trading within a medium-term consolidation pattern, as we can see on the daily chart.
The precious complex continues to fluctuate this morning. Silver gained 1.45% on Tuesday and today it is 0.1% higher. Platinum gained 2.70% and today it is 1.4% lower. Palladium gained 0.5% yesterday and today it is trading 0.2% lower.
Yesterday’s US retail sales release with a reading of +17.7% was much better than expected. But any rallies came to a halt, following the testimony to Congress from Fed Chair Powell. Today we will have another round of Powell’s testimony when he addresses the House of Representatives later on.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for tomorrow:
Thursday, June 18
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7:00 a.m. UK - Official Bank Rate, Monetary Policy Summary
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8:30 a.m. Canada - ADP Non-Farm Employment Change, NHPI m/m, Wholesale Sales m/m
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8:30 a.m. US - Philly Fed Manufacturing Index, Unemployment Claims
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10:00 a.m. US - CB Leading Index m/m