Gold retraced its recent advances, next week’s data releases remain in focus.
The gold futures contract lost 1.17% on Wednesday, June 7 as it retraced its Monday’s-Tuesday’s rebound and got back closer to the $1,950 level. The market continues to fluctuate after bouncing down 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 along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is still trading along the $1,960 level. What about the other precious metals? Silver is 1.3% higher, platinum is 0.6% lower and palladium is 1.1% higher. So the main precious metals’ prices are mixed this morning.
Today we will get the important Unemployment Claims 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).
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
Friday, June 9
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist