Gold Price Sees More Profit Taking Amid Big Events

New York (June 8)  Gold prices ended the US day session solidly lower on some more profit taking and technical chart consolidation after hitting a seven-week high earlier this week. Three major marketplace occurrences Thursday failed to move the markets in a significant manner. The gold and silver market bulls are still holding the near-term technical advantage amid price uptrends in both metals. August Comex gold was last down $13.60 an ounce at $1,279.60. July Comex silver was last down $0.19 at $17.43 an ounce.

Big marketplace events that took place Thursday saw FBI director James Comey testify to the U.S. Senate. Comey on Wednesday released a prepared text for his statement to the Senate. Comey’s remarks Thursday were deemed by most as not seriously damning to President Trump. Still, Comey’s question-and-answer session did not put the President in a good light at all. Gold prices did move up from the daily lows during Comey’s question-and-answer session.

The European Central Bank held its regular monetary policy meeting Thursday and did not make any changes. ECB president Draghi’s press conference was scrutinized for clues on futures ECB policy moves, but was not a big markets-mover.

Source: Reuters