Gold is breaking its recent lows, dipping below the $2,325 level.
The gold futures contract lost 0.58% on Tuesday, June 25, as it retraced its Monday’s rebound and went closer to local lows again. Last Friday, the market retraced its Thursday’s breakout and it dipped to the $2,325 level. Overall, gold keeps extending its consolidation following a retreat from the May 20 record high of $2,454.20.
This morning, gold is breaking lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading slightly below the $2,320 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% higher and palladium is 0.3% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been slightly higher than expected at 100.4. Today, we will get the New Home Sales number at 10:00 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 26
- 10:00 a.m. U.S. - New Home Sales
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
Paul Rejczak
Stock Trading Strategist