Gold continues to trade along $2,500 level, extending a consolidation.
The gold futures contract gained 0.51% on Thursday, August 15, as it continued to fluctuate along the $2,500 level. 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 trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading above the $2,500 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.7% lower and palladium is 0.8% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +1.0% month over month. Today, we will get the Consumer Sentiment release at 10:00 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).
- 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
Monday, August 19
- 10:00 a.m. U.S. - CB Leading Index m/m
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
Paul Rejczak
Stock Trading Strategist