Gold price reached a new record; today, it’s pulling back.
The gold futures contract gained 1.82% on Friday, August 16, as it accelerated the uptrend and reached a new record high of 2,548.30. Before Friday, gold fluctuated along the $2,500 level, and on Friday, it rallied on weaker U.S. dollar, economic data. On the previous Monday, gold rebounded from a local low of $2,403.80.
This morning, gold is pulling back from a new record, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading slightly below the $2,530 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.7% lower and palladium is 1.6% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Consumer Sentiment release has been better than expected at 67.8. Today, we will get the CB Leading Index at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 19
- 9:15 a.m. U.S. - FOMC Member Waller Speech
- 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
Tuesday, August 20
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m, NHPI m/m
- 1:35 p.m. U.S. - FOMC Member Bostic Speech
- 2:45 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist