Gold is gaining ahead of the important data releases tomorrow.
The gold futures contract gained 1.17% on Friday, July 26, as it retraced some of its Thursday’s decline of 2.6%. On Thursday, gold broke below the recent lows following the stock market sell-off. Since last Monday, it has been fluctuating after the previous week’s declines. Last Friday, it was as low as $2,351.90. The market retreated from its previous Wednesday’s new record high of $2,488.40. Gold 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, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 2.4% higher, as it is trading above the $2,430 level (this significant advance is due to a new series.). What about the other precious metals? Silver is 0.7% higher, platinum is 0.5% higher and palladium is 0.4% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.2% m/m. The market will be waiting for the important data tomorrow: the CB Consumer Confidence, JOLTS Job Openings, German Preliminary CPI and the Bank of Japan monetary policy release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 29
- No important economic data
Tuesday, July 30
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist