Gold trades sideways after Wednesday’s rebound, Powell’s speech in focus.
The gold futures contract gained lost 0.05% on Thursday, August 24 as it went sideways following Wednesday’s rebound of 1.2%. The market followed rebounding stock prices, economic data. Earlier this week it was trading sideways and along the $1,925 level. Last week gold broke below the $1,920 level and on Monday 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 ahead of the Powell’s speech at 10:05 a.m. as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading below the $1,950 level again. What about the other precious metals? Silver is 0.3% higher, platinum is 1.1% higher and palladium is 1.1% higher. So the main precious metals’ prices are mixed this morning.
Today we will get the Revised UoM Consumer Sentiment release at 10:00 a.m. and the important Fed Chair Powell’s speech at 10:05 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, August 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 9:40 a.m. U.S. - FOMC Member Harker Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 10:05 a.m. U.S. - Fed Chair Powell Speech
- 3:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day, U.S. - Jackson Hole Symposium
Monday, August 28
- All Day, U.K. – Bank Holiday
Paul Rejczak
Stock Trading Strategist