Gold price continued its downtrend yesterday; today it’s bouncing.
The gold futures contract lost 0.68% on Thursday, August 17 as it extended its short-term downtrend once more following data releases, strong U.S. dollar, among other factors. The market broke below the $1,920 level and it was the lowest since early July. On July 31 gold’s December futures contract reached a local high of $2,010.90.
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 bouncing to around $1,925 price level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning as it is trading slightly above the $1,920 level. What about the other precious metals? Silver is 0.4% higher, platinum is 1.0% higher and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been as expected at 239,000. Today we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, August 18
- 2:00 a.m. U.K. - Retail Sales m/m
Monday, August 21
- No important economic data announcements
Paul Rejczak
Stock Trading Strategist