Daily Gold News: June 27 – Gold Rebounding from Previous Lows

Gold price remains above $2,300 as markets await GDP, Unemployment Claims data.

The gold futures contract lost 0.76% on Wednesday, June 26, as it broke its recent lows following last Friday’s retreat from a local high of over $2,380. On Friday, the market dipped to the $2,325 level, and on Wednesday, it extended declines. Overall, gold keeps fluctuating within a consolidation following a retreat from its May 20 record high of $2,454.20.

This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 27 – Gold Rebounding from Previous Lows - Image 1

The gold price is 0.5% higher, as it is trading above the $2,320 level. What about the other precious metals? Silver is 0.2% lower, platinum is 1.1% lower and palladium is 1.5% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s New Home Sales release has been lower than expected at 619,000. Today, we will get the GDP and Unemployment Claims releases at 8:30 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 27

  • 5:30 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 4:30 p.m. U.S. - Bank Stress Test Results
  • 7:30 p.m. Japan - Tokyo Core CPI y/y

Friday, June 28

  • 3:00 a.m. Eurozone - Spanish Flash CPI y/y
  • 6:00 a.m. U.S. - FOMC Member Barkin Speech
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 11:00 a.m. U.S. - Fed Monetary Policy Report
  • 12:00 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist