Gold continues to fluctate after Friday’s rout; more economic data in focus.
The gold futures contract lost 0.18% on Monday, July 22, as it fluctuated following its Friday’s sell-off of 2.3%. The market remained close to the $2,400 level after pulling back from the last 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, but still trading within the yesterday’s price range, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it’s trading above the $2,400 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.6% higher and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Existing Home Sales and Richmond Manufacturing Index releases at 10:00 a.m. The markets will be also waiting for the 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).
Tuesday, July 23
- 10:00 a.m. U.S. - Existing Home Sales, Richmond Manufacturing Index
Wednesday, 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
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - New Home Sales
- 10:30 a.m. Canada - BOC Press Conference
- 4:05 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Logan Speech
Paul Rejczak
Stock Trading Strategist