Gold bounces from yesterday’s local low as markets await more economic data.
The gold futures contract gained 0.34% on Monday, August 21 as it traded 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 yesterday 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 back above $1,920 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 still trading along the $1,930 level. What about the other precious metals? Silver is also 0.4% higher, platinum is 0.8% higher and palladium is 1.4% lower. So the main precious metals’ prices are higher this morning.
Today we will get the Existing Home Sales, Richmond Manufacturing releases and the FOMC Members speeches. 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).
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
Wednesday, August 23
- 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. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales
- All Day - BRICS Summit
Paul Rejczak
Stock Trading Strategist