Daily Gold News: Friday, June 25 – Gold Still in a Consolidation

The gold futures contract lost 0.38% on Thursday, as it extended its short-term consolidation following last week’s $100 decline. On June 1 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 further extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.5% higher, as it is trading closer to yesterday’s daily high. What about the other precious metals? Silver is 1.0% higher, platinum is 0.6% higher and palladium is 0.9% lower today. So precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 411,000. Today we will get the Core PCE Price Index and Personal Income/ Personal Spending releases, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, June 25

• 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

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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