Gold FX Empire

Daily Gold News: Thursday, June 2 – Gold is Closer to the Recent Highs Again

Gold Price Recap

The gold futures contract gained 0.02% on Wednesday, June 1, as it extended its short-term consolidation along the $1,850 pricve level. There’s still no clear direction. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is trading slightly above 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% higher this morning, as it continues to trade within a short-term consolidation. What about the other precious metals? Silver is 1.3% higher, platinum is 1.7% higher and palladium is 1.3% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’ important ISM Manufacturing PMI release has been better than expected at 56.1 Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m., among others. The markets will be waiting for tomorrow’s monthly jobs data announcement.

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 2

  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 10:00 a.m. U.S. – Factory Orders m/m
  • 1:00 p.m. U.S. – FOMC Member Mester Speech
  • All Day – OPEC-JMMC Meetings
  • All Day, U.K. – Bank Holiday
  • All Day, Eurozone – Italian Bank Holiday

Friday, June 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • Tentative, U.S. – Treasury Currency Report
  • All Day, U.K. – Bank Holiday

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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