Gold price retraced some of the advances; Powell’s speech in focus.
The gold futures contract lost 1.21% on Thursday, August 22, as it broke below its short-term consolidation, retracing some of the recent advances. Gold pulled back from a new record high of $2,570.40 that was reached on Tuesday. Recently, it accelerated advances after breaking above the $2,500 level. Last Friday, gold 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 rebounding after yesterday’s pull-back, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,530 level. What about the other precious metals? Silver is 1.3% higher, platinum is unchanged and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been as expected at 232,000, and the Flash Manufacturing PMI/ Flash Services PMI releases have been mixed. Today, we will get the important Fed Chair Powell Jackson Hole Symposium Speech 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).
- 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
Monday, August 26
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist