Daily Gold News: June 24 – Gold Price Continues Sideways

Gold retraced its recent advances on Friday; today, it’s extending a consolidation.

The gold futures contract lost 1.60% on Friday, June 21, as it retraced its Thursday’s advance of 0.9%, getting back below the recent local highs on stronger U.S. dollar, stock market’s uncertanty. Gold traded near the $2,325 level again. It continues to fluctuate after retreating from its May 20 record high of $2,454.20.

This morning, gold is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 24 – Gold Price Continues Sideways - Image 1

The gold price is 0.3% higher, as it is trading slightly below the $2,340 level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.8% higher and palladium is 4.4% higher. So, the main precious metals’ prices are higher this morning.

Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been higher than expected. Today, we won’t get any new important economic data. The markets will be waiting for the CB Consumer Confidence number tomorrow, among others.

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

Monday, June 24

  • 3:00 a.m. U.S. - FOMC Member Waller Speech
  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 1:45 p.m. Canada - BOC Governor Macklem Speech
  • 2:00 p.m. U.S. - FOMC Member Daly Speech

Tuesday, June 25

  • 7:00 a.m. U.S. - FOMC Member Bowman Speech
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y,
  • Common CPI y/y, Core CPI m/m
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 12:00 p.m. U.S. - FOMC Member Cook Speech
  • 2:10 p.m. U.S. - FOMC Member Bowman Speech
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist