Daily Gold News: August 10 – Gold Extended Its Short-Term Downtrend
Gold price went to $1,950; markets await CPI release today.
The gold futures contract lost 0.47% on Wednesday, August 9 as it extended its recent downtrend. The market went slightly below the $1,950. On Friday it bounced following monthly jobs data release, stocks’ volatility, among other factors. Last week on Monday gold’s December futures contract reached a local high of $2,010.90. Then it has retraced most of the advance.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is bouncing from the new low as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher this morning as it is trading above the $1,950 level. What about the other precious metals? Silver is 0.4% higher, platinum is 1.0% higher and palladium is 2.0% higher. So the main precious metals’ prices are higher this morning.
The markets will be waiting for the important Consumer Price Index release at 8:30 a.m. There will likely be an increased volatility in precious metals, stocks and currencies following that data release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 10
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 4:15 p.m. U.S. - FOMC Member Harker Speech
- All Day, Japan - Bank Holiday
Friday, August 11
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
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