Gold price is still going sideways despite global markets volatility.
The gold futures contract lost 0.52% on Tuesday, August 6, as it fluctuated following its Monday’s retreat and volatility caused by the Yen turmoil, stock markets’ panic sell-off. On Monday, gold rebounded from a local low of $2,403.80. Last week, it fluctuated after reaching its 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading above the $2,430 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% higher and palladium is 2.5% higher. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data. Precious metals will continue reacting to volatile fluctuations on global markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, August 8
- 8:30 a.m. U.S. - Unemployment Claims
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 30-y Bond Auction
- 3:00 p.m. U.S. - FOMC Member Barkin Speech
- 9:30 p.m. China - CPI y/y, PPI y/y
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist