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):
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