Gold continues to trade sideways; employment data in focus.
The gold futures contract gained 0.03% on Wednesday, August 7, 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 rebounding, yet still within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading closer to the $2,450 level. What about the other precious metals? Silver is unchanged, platinum is 0.4% higher and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m., among others. 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).
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
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist