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Daily Gold News: Wednesday, June 8 – Gold’s Further Consolidation

By:
Paul Rejczak
Published: Jun 8, 2022, 12:18 UTC

Today we will get Final Wholesale Inventories release at 8:30 a.m. and tomorrow there will be the ECB Monetary Policy Statement release.

Gold Silver FX Empire

In this article:

Gold Price Recap

The gold futures contract gained 0.46% on Tuesday, June 7, as it continued to fluctuate within a short-term consolidation. Last week on Thursday the market broke slightly above the recent trading range, but on Friday it came back closer to the $1,850 following the U.S. monthly jobs data release. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is still trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

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Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading along the $1,850 level again. What about the other precious metals? Silver is 1.5% lower, platinum is 0.9% lower and palladium is 1.7% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Today we will get Final Wholesale Inventories release at 8:30 a.m. and tomorrow there will be the ECB Monetary Policy Statement release.

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 8

  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction

Thursday, June 9

  • 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 11:00 a.m. Canada – BOC Governor Macklem Speech
  • 1:01 p.m. U.S. – 30-y Bond Auction

For a look at all of today’s economic events, check out our economic calendar.

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

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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