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Daily Gold News: Wednesday, June 29 – Still No Clear Direction

By:
Paul Rejczak
Published: Jun 29, 2022, 11:47 UTC

Gold is 0.3% higher this morning, as it is trading along the $1,825 price level. What about the other precious metals?

Gold FX Empire

In this article:

Gold Price Recap

The gold futures contract lost 0.20% on Tuesday, June 28, as it continued to fluctuate within a consolidation along the $1,800-1,850 price level. The market is still going sideways after declining from around $2,000 to below the $1,800 level in April-May. This morning gold is trading above its yesterday’s closing price after slightly extending a short-term decline, 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 0.3% higher this morning, as it is trading along the $1,825 price level. What about the other precious metals? Silver is 0.4% higher, platinum is 2.4% higher and palladium is 5.8% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s important CB Consumer Confidence release has been worse than expected at 98.7. Today we will get the U.S. Final GDP release, among others.

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 29

  • 6:30 a.m. U.S. – FOMC Member Mester Speech
  • 8:30 a.m. U.S. – Final GDP q/q, Final GDP Price Index q/q
  • 9:30 a.m. U.S. – Fed Chair Powell Speech
  • 9:30 Eurozone – ECB President Lagarde Speech
  • 9:30 U.K. – BOE Governor Bailey Speech
  • 1:05 p.m. U.S. – FOMC Member Bullard Speech
  • All Day – OPEC Meetings
  • All Day, Eurozone – Italian Bank Holiday

Thursday, June 30

  • 8:30 a.m. U.S. – Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada – GDP m/m
  • 9:45 a.m. U.S. – Chicago PMI

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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