Gold price is going sideways following its recent downtrend.
The gold futures contract gained 0.07% on Friday, August 18 as it went sideways following the recent declines. The market was declining on data releases, strong U.S. dollar, among other factors. Last week it 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 trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is still trading below the $1,920 level. What about the other precious metals? Silver is 0.6% higher, platinum is 1.1% lower and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.
Today we won’t get any new important economic data. The markets will be waiting for the Jackson Hole Symposium on Thursday-Friday and the important Fed Chair Powell’s speech on Friday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 21
- No important economic data announcements
Tuesday, August 22
- 10:00 a.m. U.S. - Existing Home Sales, Richmond Manufacturing Index
- 2:30 p.m. U.S. - FOMC Member Goolsbee Speech
- 2:32 p.m. U.S. - FOMC Member Bowman Speech
- 3:30 p.m. U.S. - FOMC Member Goolsbee Speech
- All Day - BRICS Summit
Paul Rejczak
Stock Trading Strategist