Gold price keeps retracing recent declines as investor sentiment improves.
The gold futures contract gained 0.41% on Friday, August 9, as it extended its Thursday’s advance of 1.3%. The market retraced more of the recent declines on improving investor sentiment, gaining stock markets. Last Monday, gold rebounded from a local low of $2,403.80. On the previous week, it fluctuated after reaching its new record high of $2,522.50.
This morning, gold is further extending its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,480 level. What about the other precious metals? Silver is 1.6 % higher, platinum is 1.4% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Federal Budget Balance release at 2:00 p.m., among others. The markets will be waiting for the important PPI release tomorrow and the CPI on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 12
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. Australia - Wage Price Index q/q
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- Tentative, China - New Loans
Tuesday, August 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 1:15 p.m. U.S. - FOMC Member Bostic Speaks
Paul Rejczak
Stock Trading Strategist