Daily Gold News: Wednesday, June 9 – Gold Extending Short-Term Consolidation

The gold futures contract lost 0.23% on Tuesday, as it fluctuated within a short-term consolidation following Friday’s rebound. On Tuesday a week ago gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is relatively flat again, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.2% lower, as it is trading slightly below $1,900 price level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.4% lower and palladium is 0.2% lower today. So precious metals are slightly lower this morning.

Today we will get the U.S. Final Wholesale Inventories release, among others.

The markets will be waiting for tomorrow’s important ECB Monetary Policy announcement and the U.S. CPI number release.

Where would the price of gold go following Friday’s NFP release? We’ve compiled the data since September of 2018, a 33-month-long period of time that contains of thirty three NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 33 months. The market was usually advancing ahead of the release day and closing 0.55% higher on the 10th day after the NFP release.

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

Wednesday, June 9

  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate
  • 1:01 p.m. U.S. – 10-y Bond Auction

Thursday, June 10

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
  • 1:01 p.m. U.S. – 30-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance

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

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

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