Gold is rebounding after yesterday’s retreat; markets await series of data.
The gold futures contract lost 1.12% on Wednesday, August 14, as it retraced its recent advances and retreated below the $2,500 level again. Recently, the market retraced almost all of the early August declines on improving investor sentiment, gaining stocks. Last Monday, gold rebounded from a local low of $2,403.80. On the previous week, it fluctuated after reaching a new record high.
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading closer to the $2,500 level. What about the other precious metals? Silver is 3.0% higher, platinum is 1.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.2% month over month. Today, we will get the Retail Sales and Unemployment Claims releases at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Import Prices m/m
- 9:10 a.m. U.S. - FOMC Member Musalem Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 1:10 p.m. U.S. - FOMC Member Harker Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - RBA Governor Bullock Speech
- Tentative, U.S. - Mortgage Delinquencies
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Friday, August 16
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:25 p.m. U.S. - FOMC Member Goolsbee Speech
Paul Rejczak
Stock Trading Strategist