The gold futures contract gained 2.51% on Monday, as yellow metal's price broke above its short-term local highs along $1,970-1,975. It has been fluctuating following last week's Wednesday's-Thursday's bounce from the local low of $1,874.20. Yesterday the market has retraced more of its 10.3% decline off new record high of $2,089.20. Gold reversed sharply lower following previous Friday's Nonfarm Payrolls release, among other factors. The bounce still looks like an upward correction, as we can see on the daily chart:
Gold is 1.0% higher this morning, as it continues to trade within a short-term uptrend. What about the other precious metals? Silver gained 6.05% on Monday and today it is 2.7% higher. Platinum gained 0.89% and today it is 1.5% higher. Palladium gained 4.20% on Monday and today it's 0.2% higher. So precious metals are extending their advance this morning.
Yesterday's Empire State Manufacturing Index release has been much worse than expected at only 3.7 vs. a forecast of 14.6. However, the global financial markets remained risk-on. Today we will get Building Permits, Housing Starts numbers at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, August 18
- 8:30 a.m. U.S. - Building Permits, Housing Starts
Wednesday, August 19
- 5:00 a.m. Eurozone - Final CPI y/y, Final Core CPI y/y
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- All Day - OPEC-JMMC Meetings
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
