Comex Gold

Daily Gold News: Tuesday, June 8 – Gold Going Along $1,900 Price Level

The gold futures contract gained 0.36% on Monday, as it retraced some more of its Thursday’s decline. 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, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.3% lower, as it is trading slightly along $1,900 price level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.0% lower and palladium is 0.5% lower today. So precious metals are lower this morning.

Today we will get the U.S. Trade Balance number release at 8:30 a.m.

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

Where would the price of gold go following Friday’s important 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:

Tuesday, June 8

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 8:30 a.m. U.S. – Trade Balance
  • 10:00 a.m. U.S. – JOLTS Job Openings

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

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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