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Daily Gold News: Thursday, June 11 – Precious Metals Going Lower After Fed

Paul Rejczak , Sunshine Profits
0 Comments| June 11, 2020

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The gold futures contract lost 0.07% on Wednesday following an intraday advance to $1,750 price level. Global markets went risk-on and gold has been selling off as a safe-haven asset recently. However, yesterday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher before closing virtually unchanged. It is still trading within a medium-term consolidation, as we can see on the daily chart:



Gold is down 0.7% this morning, as it retraces more of the recent advance. And financial markets decline following yesterday’s Fed-talk. What about the other precious metals? Silver was unchanged on Wednesday and today it is 1.6% lower. Platinum lost 1.70% and today it is 2.1% lower. Palladium lost 1.85% yesterday and today it is 0.5% down. So precious metals are trading lower this morning.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, last Friday’s U.S. monthly jobs data came out much better than expected. And the Nonfarm Payrolls number has been positive. Today we will get some more important U.S. economic data releases – Producer Price Index along with the Unemployment Claims at 8:30 a.m.

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

Thursday, June 11
  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
  • All Day, Eurozone - Eurogroup Meetings

Friday, June 12
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment

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.


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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.

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