Comex Gold

Daily Gold News: Wednesday, June 2 – Gold Extending Consolidation

The gold futures contract lost 0.02% on Tuesday, as it fluctuated following last week’s advances. Yesterday 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. Today gold remains within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% lower this morning, as it is continues to trade within a short-term consolidation. What about the other precious metals? Silver is 0.3% lower, platinum is 0.9% lower and palladium is 0.4% lower today. So precious metals are lower this morning.

Yesterday’s ISM Manufacturing PMI release has been slightly better than expected at 61.2. Today we will get the Beige Book release at 2:00 p.m. We will also have some Fed-talk. The markets will be waiting for Friday’s monthly jobs data release.

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

Wednesday, June 2

  • 2:00 p.m. U.S. – Beige Book, FOMC Member Bostic Speech, FOMC Member Evans Speech

Thursday, June 3

  • 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
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • 12:30 p.m. U.S. – FOMC Member Bostic Speech
  • 3:05 p.m. U.S. – FOMC Member Quarles Speech

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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