Gold extends its consolidation above $1,950 level as markets await next week’s data.
The gold futures contract gained 1.03% on Thursday, June 8 as it bounced from the $1,950 price level again. 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 trading along the $1,980 level. What about the other precious metals? Silver is 0.4% higher, platinum is unchanged and palladium is 0.3% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 261,000. Today we won’t get any new important economic data. 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).
Friday, June 9
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Monday, June 12
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist