Daily Gold News: June 6 – Gold Price Extends Its Consolidation

The yellow metal bounced from $1,950 again; more fluctuations following recent declines.

The gold futures contract gained 0.24% on Monday, June 5 as it bounced from the $1,950 level again. The market reacted to some economic data releases, including the ISM Services PMI number. On Friday gold bounced from the $2,000 price level and broke below its Thursday’s daily low of around $1,970. Recently gold was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.

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 extending its yesterday’s advance as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 6 – Gold Price Extends Its Consolidation - Image 1

The gold price is 0.3% higher as it is trading along the $1,980 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.4% higher and palladium is 1.1% higher. So the main precious metals’ prices are slightly higher this morning.

Yesterday’s ISM Services PMI number release has been lower than expected at 50.3. Today we won’t get any new important economic data.

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

Tuesday, June 6

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 10:00 a.m. Canada - Ivey PMI
  • 7:20 p.m. Australia - RBA Governor Lowe Speech
  • 9:30 p.m. Australia - GDP q/q
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Wednesday, June 7

  • 8:30 a.m. U.S. - Trade Balance
  • 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate
  • 3:00 p.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist