Gold price trades along new local lows as markets await more economic data.
The gold futures contract lost 0.13% on Monday, August 14 as it slightly extended its short-term downtrend again. The market closed below the $1,950 level and it was the lowest since mid-July. On July 31 gold’s December futures contract reached new local high of $2,010.90. Then it has retraced all of the advance following economic data releases, strengthening U.S. dollar.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading along the local low as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning as it is trading closer to the $1,930 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.3% lower and palladium is 2.4% lower. So the main precious metals’ prices are lower this morning.
Yesterday we didn’t get any new important economic data. Today there will be an important Retail Sales release 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).
Tuesday, August 15
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Kashkari Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Wednesday, August 16
- 2:00 a.m. U.K. - CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist