Gold Silver FX Empire

Daily Gold News: Wednesday, June 8 – Gold’s Further Consolidation

Gold Price Recap

The gold futures contract gained 0.46% on Tuesday, June 7, as it continued to fluctuate within a short-term consolidation. Last week on Thursday the market broke slightly above the recent trading range, but on Friday it came back closer to the $1,850 following the U.S. monthly jobs data release. 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 still trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading along the $1,850 level again. What about the other precious metals? Silver is 1.5% lower, platinum is 0.9% lower and palladium is 1.7% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Today we will get Final Wholesale Inventories release at 8:30 a.m. and tomorrow there will be the ECB Monetary Policy Statement release.

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.

Wednesday, June 8

  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction

Thursday, June 9

  • 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 11:00 a.m. Canada – BOC Governor Macklem Speech
  • 1:01 p.m. U.S. – 30-y Bond Auction

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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