Gold is going sideways following Friday’s sell-off; markets wait for more data.
The gold futures contract lost 2.33% on Friday, July 19, retracing its recent advances after pulling back from the Wednesday’s new record high of $2,488.40. It reacted to stock prices selling off, among other factors. Recently, the yellow metal broke above highs from April and May following advances in stocks, weaker U.S. dollar.
This morning, gold is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it’s trading above the $2,400 level. What about the other precious metals? Silver is 0.2% lower, platinum is 1.2% lower and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data. The markets will be waiting for the important Advance GDP release on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 22
- No important economic data
Tuesday, July 23
- 10:00 a.m. U.S. - Existing Home Sales, Richmond Manufacturing Index
Paul Rejczak
Stock Trading Strategist