Gold is trading sideways despite stock markets’ volatility, currencies uncertainty.
The gold futures contract lost 1.03% on Monday, August 5, as it retraced most of its recent advances on Yen turmoil, stock markets’ rout. Yesterday, gold was selling off and reaching the daily low of $2,403.80, before rebounding and closing above the $2,440 level. Last week, it fluctuated after reaching a new record high of $2,522.50. Gold kept extending advances as the stock market suffered a lot of volatility. Last Wednesday, the market broke above its previous record high of around $2,488, and on previous Thursday, it reached a local low of $2,351.90.
This morning, gold is fluctuating along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,450 level. What about the other precious metals? Silver is 0.3% lower, platinum is unchanged and palladium is 0.8% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been slightly higher than expected at 51.4. Today, we will get the Trade Balance number at 8:30 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 6
- 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 8:30 a.m. U.S. - Trade Balance
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, August 7
- 1:01 p.m. U.S. - 10-y Bond Auction
- 3:00 p.m. U.S. - Consumer Credit m/m
- 10:40 p.m. Australia - RBA Governor Bullock Speech
Paul Rejczak
Stock Trading Strategist