Daily Gold News: Wednesday, June 22 – Gold is Still Trading Sideways

Gold Price Recap

The gold futures contract lost 0.1% on Tuesday, June 21, as it continued to fluctuate within a relatively narrow trading range. It extended a short-term consolidation along the $1,850 price level. The market retraced some of its short-term advance after bouncing from the $1,800 support level following last week’s important FOMC’s release. This morning gold is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% higher this morning, as it is still trading below the $1,850 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.1% lower and palladium is 0.6% higher. So the main precious metals’ prices are mixed again this morning.

Fundamentals and Economic News Schedule

Yesterday’s Existing Home Sales release has been as expected at 5.41M. Today we will get an important testimony from the Fed Chair Powell at 9:30 a.m.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

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

Wednesday, June 22

• 2:00 a.m. U.K. – CPI y/y, Core CPI y/y
• 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
• 9:30 a.m. U.S. – Fed Chair Powell Testimony

Thursday, June 23

• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 8:30 a.m. U.S. – Unemployment Claims, Current Account
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – Fed Chair Powell Testimony
• Tentative, U.S. – Bank Stress Test Results

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

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