Daily Gold News: Thursday, June 23 – Gold Slightly Lower but Still Within a Consolidation

Gold Price Action

The gold futures contract lost 0.02% on Wednesday, June 22, as it further extended its consolidation along the $1,850 level. It continued to fluctuate within a relatively narrow trading range. The market went sideways despite last week’s important FOMC’s release. This morning gold is trading below the $1,850 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.5% lower this morning, as it is still trading within a consolidation. What about the other precious metals? Silver is 1.4% lower, platinum is 0.9% lower and palladium is 0.2% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Today we will have a testimony from the Fed Chair Powell at 10:00 a.m., Unemployment Claims, and Flash Manufacturing PMI/ Flash Services PMI releases, among others.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

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

Thursday, June 23

• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI

• 8:30 a.m. U.S. – Unemployment Claims, Current Account

• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

• 10:00 a.m. U.S. – Fed Chair Powell Testimony

• Tentative, U.S. – Bank Stress Test Results

Friday, June 24

• 4:00 a.m. Eurozone – German ifo Business Climate

• 7:30 a.m. U.S. – FOMC Member Bullard Speech

• 7:30 a.m. Australia – RBA Governor Lowe Speech

• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, New Home Sales

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

This article was originally posted on FX Empire

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