Daily Gold News: June 22 – Gold Trades Along New Local Low

Gold price is below $1,950 as markets await Powell’s Testimony day 2.

The gold futures contract lost 0.14% on Wednesday, June 21 as it extended its Tuesday’s decline. Gold reached new local low of $1,929.30 before bouncing back closer to the $1,950 level.

Gold keeps trading sideways following its mid-May selloff. It was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.

In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading below the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 22 – Gold Trades Along New Local Low - Image 1

The gold price is 0.3% lower this morning as it is trading along the $1,940 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.1% higher and palladium is 0.9% lower. So the main precious metals’ prices are slightly lower this morning.

Today we will get the Unemployment Claims release at 8:30 a.m. and the important Fed Chair Powell’s Testimony at 10:00 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Thursday, June 22

  • 4:00 a.m. U.S. - FOMC Member Waller Speech
  • 7:00 a.m. U.K. - Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
  • 8:30 a.m. U.S. - Unemployment Claims, Current Account
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Existing Home Sales, CB Leading Index m/m
  • All Day, China - Bank Holiday

Friday, June 23

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI

Paul Rejczak
Stock Trading Strategist