Daily Gold News: June 29 – Gold Price Extends Its Downtrend

Gold went closer to $1,900 price level; markets await further data releases.

The gold futures contract lost 0.08% on Wednesday, June 28 as it went along its recent local lows. The market reached new low of $1,911.40 yesterday before bouncing back above the $1,920 level. Recently gold has been bouncing from that level, but a stronger U.S. dollar pushed the yellow metal’s price lower.

In May gold retreated from new medium-term high of $2,085.40 and in early March it 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):

Daily Gold News: June 29 – Gold Price Extends Its Downtrend - Image 1

The gold price is 0.2% lower this morning as it is trading below the $1,920 level again. What about the other precious metals? Silver is 0.7% higher, platinum is 0.4% higher and palladium is 1.3% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Wholesale Inventories release has been slightly lower than expected at -0.1% m/m. Today We will get the Final GDP, 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 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

Friday, June 30

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 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
  • 10:30 a.m. Canada - BOC Business Outlook Survey

Paul Rejczak
Stock Trading Strategist