The gold futures contract gained 0.12% on Tuesday, as it fluctuated within a relatively narrow daily trading range following Monday’s advance of 1.25% and a breakout above a short-term consolidation following the mid-August advances. The market also broke above the $1,800 price mark on Monday and it got back to July consolidation of $1,790-1,840. But this morning gold is trading slightly below the $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.6% lower, as it is retracing some of Monday’s advance. What about the other precious metals? Silver is 0.6% lower, platinum is 1.5% lower and palladium is 1.0% lower. So precious metals’ prices are lower this morning.
Yesterday’s New Home Sales release has been better than expected at 708,000 but Richmond Manufacturing Index has been worse than expected at only 9. Today we will get the Durable Goods Orders number at 8:30 a.m.
The markets will be waiting for the Jackson Hole Symposium that begins on Thursday. On Friday we will get a speech from the Fed Chair Powell.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, August 25
- 4:00 a.m. Eurozone – German ifo Business Climate
- 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
Thursday, August 26
- 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q
- All Day, U.S. – Jackson Hole Symposium Day 1
For a look at all of today’s economic events, check out our economic calendar.
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