Daily Gold News: June 23 – Gold Price Went Below Recent Lows

Gold trades sideways following yesterday’s sell-off; markets await PMI releases.

The gold futures contract lost 1.09% on Thursday, June 22 as it broke below its recent local lows following Fed Chair Powell’s Testimony, stock markets’ rebound, among other factors. Gold reached new local lows above the $1,920 level.

In May the yellow metal retreated from the new medium-term high of $2,085.40 and 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 along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 23 – Gold Price Went Below Recent Lows - Image 1

The gold price is 0.3% higher this morning as it is trading along the $1,930 level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.5% higher and palladium is 0.6% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 264,000. Today we will get the Flash Manufacturing PMI and Flash Services PMI releases at 10:00 a.m.

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

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

Monday, June 26

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 1:30 p.m. Eurozone - ECB President Lagarde Speech

Paul Rejczak
Stock Trading Strategist