Gold went sideways despite volatility caused by the Powell’s speech on Friday.
The gold futures contract lost 0.37% on Friday, August 25 as it fluctuated following a rather hawkish speech from the Fed Chair Powell at the Jackson Hole Symposium. However, the market remained within a short-term consolidation after rebounding on Wednesday. Recently it was trading along the $1,925 level. after breaking slightly below the $1,920 level. Last week 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 again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading along the $1,940 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% lower and palladium is 0.2% higher. So the main precious metals’ prices are virtually flat this morning.
Today we won’t get any new important economic data releases. However, markets will be waiting for a series of announcements this week.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 28
- All Day, U.K. – Bank Holiday
Tuesday, August 29
- 3:40 a.m. Australia - RBA Governor-Designate Bullock Speech
- 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, JOLTS Job Openings
- 9:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist