Daily Gold News: June 27 – Gold Price Going Sideways Again
Gold remains below $1,950 level as markets await the Consumer Confidence release.
The gold futures contract gained 0.22% on Monday, June 26 as it fluctuated below the $1,950 price level. On Friday gold reached new local low of $1,919.50 and yesterday it bounced above $1,940. Recently the market broke below its local lows following Fed Chair Powell’s Testimony, stock markets’ rebound, among other factors.
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 slightly lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is trading along the $1,930 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.5% higher and palladium is 0.6% higher. So the main precious metals’ prices are mixed this morning.
Yesterday we didn’t get any new important economic data. The markets will be waiting for today’s CB Consumer Confidence release at 10:00 a.m. We will also get New Home Sales and Richmond Manufacturing Index releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, June 28
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:30 a.m. - Fed Chair Powell Speech, BOJ Governor Ueda Speech, ECB President Lagarde Speech, BOE Governor Bailey Speech
- 11:00 a.m. Eurozone - ECB President Lagarde Speech
- 4:30 a.m. U.S. - Bank Stress Test Results
Stock Trading Strategist