Daily Gold News: June 28 – Gold Price Breaks Below Recent Lows

Gold continues its downtrend ahead of Central Banks’ conference speeches.

The gold futures contract lost 0.52% on Tuesday, June 27 as it went closer to the Friday’s local low of around $1,920. The market bounced from the $1,940 level again. Recently it broke below the previous local lows along $1,950 following Fed Chair Powell’s Testimony, stock markets’ rebound, among other factors.

In May the yellow metal retreated from 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 lower again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 28 – Gold Price Breaks Below Recent Lows - Image 1

The gold price is 0.4% lower this morning as it is trading at new local lows. What about the other precious metals? Silver is 1.0% lower, platinum is 1.2% lower and palladium is 4.2% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s CB Consumer Confidence release has been higher than expected at 109.7. Today we will get the Wholesale Inventories release at 8:30, among others. There will also be speeches from Central Banks representatives at 9:30 a.m.

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

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

Thursday, June 29

  • 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 7:30 p.m. Japan - Tokyo Core CPI y/y
  • 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist