Daily Gold News: June 26 – Gold Is Closer to $1,950 Again

Gold price bounces after its Friday’s decline; more sideways trading.

The gold futures contract gained 0.31% on Friday, June 23 as it extended its short-term downtrend after breaking below the recent local lows following Fed Chair Powell’s Testimony, stock markets’ rebound, among other factors. Gold reached new local low of $1,919.50 on Friday.

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 closer to the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 26 – Gold Is Closer to $1,950 Again - Image 1

The gold price is 0.7% higher this morning as it is trading above the $1,940 level. What about the other precious metals? Silver is 1.5% higher, platinum is 1.4% higher and palladium is 2.1 % higher. So the main precious metals’ prices are higher this morning.

Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today we won’t get any new important economic data. The markets will be waiting for tomorrow’s CB Consumer Confidence release, 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 26

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

Tuesday, June 27

  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 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. - HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist