Daily Gold News: June 7 – Gold Trades Sideways

Gold price keeps fluctuating below the $2,000 level ahead of next week’s economic data.

The gold futures contract gained 0.36% on Tuesday, June 6 as it slightly extended its Monday’s rebound from $1,950 level. The market continues to fluctuate after bouncing from $2,000 price level on Friday. Overall, gold keeps trading sideways following its mid-May selloff. It 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 trading sideways as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 7 – Gold Trades Sideways - Image 1

The gold price is 0.1% lower this morning as it is still trading along the $1,980 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.4% higher and palladium is 0.1% higher. So the main precious metals’ prices are slightly higher this morning.

Yesterday we didn’t get any new important economic data announcements. Today we will get the U.S. Trade Balance release at 8:30 a.m. The markets will be waiting for the next week’s CPI and the FOMC releases, among others.

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

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

Thursday, June 8

  • 8:30 a.m. U.S. - Unemployment Claims
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 9:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist