Gold price remains close to record high; more economic data in focus.
The gold futures contract lost 0.12% on Wednesday, August 21, as it went sideways again despite a much larger than expected annual jobs data revision. Gold remained close to its Tuesday’s new record high of $2,570.40. Recently, it accelerated advances after breaking above the $2,500 level. Before the last 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,540 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.8% lower and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important Unemployment Claims release at 8:30 a.m., and the Flash Manufacturing PMI/ Flash Services PMI releases at 9:45 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).
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
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Fed Chair Powell Speech, New Home Sales
- 3:00 p.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Jackson Hole Symposium
Paul Rejczak
Stock Trading Strategist