Gold is retracing some of its Friday’s decline as markets await data releases.
The gold futures contract gained 0.53% on Tuesday, July 23, as it continued to fluctuate following its Friday’s sell-off of 2.3%. The market extended a short-term consolidation near the $2,400 level after pulling back from its 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 from the $2,400 level, 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 $2,410 level. What about the other precious metals? Silver is 0.5% higher, platinum is 1.1% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m., among others. The markets will be also waiting for the Advance GDP release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, July 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 11:00 a.m. Eurozone - ECB President Lagarde Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist