Daily Gold News: Thursday, June 24 – Gold Going Sideways

The gold futures contract gained 0.34% on Wednesday, as it further extended its short-term consolidation following $100 decline after last week’s FOMC Statement release. 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 trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.2% higher, as it is trading along yesterday’s closing price. What about the other precious metals? Silver is 0.5% higher, platinum is 0.1% lower and palladium is 0.6% higher today. So precious metals’ prices are slightly higher this morning.

Yesterday’s PMI numbers releases have been mixed. Today we will get the U.S. GDP, Unemployment Claims releases, among others.

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

Thursday, June 24

• 4:00 a.m. Eurozone – German ifo Business Climate
• 8:30 a.m. U.S. – Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Final GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:30 a.m. U.S. – FOMC Member Bostic Speech
• 11:00 a.m. U.S. – FOMC Member Williams Speech
• 4:30 p.m. U.S. – Bank Stress Test Results

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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