The gold futures contract gained just 0.03% on Friday, as it traded within a short-term consolidation following the recent decline below $2,000 price level. Gold reversed lower on August 7 following much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 last Tuesday.
Gold is 0.4% higher this morning, as it is trading along Friday's daily high. What about the other precious metals? Silver lost 1.53% on Friday and today it is 0.1% lower. Platinum lost 0.09% and today it is 1.5% higher. Palladium lost 0.30% on Friday and today it's 0.6% higher. So precious metals' prices are retracing some of their recent declines this morning.
Friday's U.S. Flash Manufacturing PMI/ Flash Services PMI releases have been better than expected. And global financial markets went risk-on, as stocks extended their rally.
Today we won't get any important economic data releases. The markets will be waiting for Thursday's-Friday's Jackson Hole Symposium's outcomes.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, August 24
- 9:00 a.m. China - CB Leading Index m/m
Tuesday, August 25
- 2:00 a.m. Eurozone - German Final GDP q/q
- 4:00 a.m. Eurozone - German ifo Business Climate
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
