Gold fluctuates after reaching a new record high; Fed data in focus.
The gold futures contract gained 0.37% on Tuesday, August 20, as it extended its uptrend once again, reaching a new record high of $2,570.40. Gold accelerated advances after breaking above the $2,500 level. Before the last Friday, it 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 basically trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading slightly below the $2,550 level. What about the other precious metals? Silver is 0.3% higher, platinum is 1.9% higher and palladium is 1.1% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important FOMC Meeting Minutes release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 21
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Thursday, August 22
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales
- All Day, U.S. - Jackson Hole Symposium
Paul Rejczak
Stock Trading Strategist