Gold is trading below $2,400 as the stock market extends its sell-off.
The gold futures contract gained 0.35% on Wednesday, July 24, as it rebounded following its last Friday’s decline and two days of sideways trading action on Monday and Tuesday. The market fluctuated 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 resuming its short-term downtrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.7% lower, as it is trading along the $2,375 level. What about the other precious metals? Silver is 4.9% lower, platinum is 1.3% lower and palladium is 1.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today, we will get the important Advance GDP release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, July 26
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist