Gold retraced some of its recent declines; markets await next week’s FOMC
The gold futures contract lost 0.50% on Thursday, July 20 as retraced some of its recent advances following strengthening U.S. dollar and stock markets’ decline. Last week on Wednesday gold broke above the previous trading range and yesterday it reached as high as $1,990. Recently it was trading sideways after bouncing from new local low of $1,900.60. On June 29 gold was the lowest since mid-March.
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 lower again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower this morning as it is trading closer to the $1,960 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.3% lower and palladium is 0.6% higher. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 228,.000. Today we won’t get any new important economic data announcements. The markets will be waiting for the important FOMC release next week.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, July 21
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
Monday, July 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
Paul Rejczak
Stock Trading Strategist