Gold extends a consolidation; Consumer Confidence data in focus.
The gold futures contract gained 0.35% on Monday, August 26, as it retraced more of its recent declines, nearing last Tuesday’s record high of $2,570.40 again. On Friday, gold rebounded on weaker U.S. dollar following the Fed Chair Powell’s speech at the Jackson Hole Symposium. Last Thursday, it pulled back from a new record high. Recently, it accelerated advances after breaking above the $2,500 level. On the previous Friday, gold rallied on weaker U.S. dollar, economic data. Earlier, gold rebounded from a local low of $2,403.80.
This morning, gold is trading slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading below the $2,550 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.1% lower and palladium is 0.7% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Durable Goods Orders release has been higher than expected at +9.9% month over month. Today, we will get the important CB Consumer Confidence number 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).
Tuesday, August 27
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI y/y
Wednesday, August 28
- 1:15 a.m. U.S. - FOMC Member Waller Speech
- 6:00 p.m. U.S. - FOMC Member Bostic Speech
Paul Rejczak
Stock Trading Strategist