Daily Gold News: August 11 – Gold Is at Late July Low
Gold price extended its downtrend; the market bounces from $1,950.
The gold futures contract lost 0.09% on Thursday, August 10 as it further extended its short-term downtrend. The market went below the $1,950 level. Last week on Friday it bounced following monthly jobs data release, stocks’ volatility, among other factors. On Monday a week ago gold’s December futures contract reached a local high of $2,010.90. Then it has retraced all 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 trading along the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading slightly above $1,950 after bouncing from new local low. What about the other precious metals? Silver is unchanged, platinum is 0.7% higher and palladium is 3.3% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.2% m/m. Today we will get the Producer Price Index release at 8:30 a.m. and the Michigan Sentiment number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, August 14
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes, Wage Price Index q/q
- 10:00 p.m. China - Industrial Production y/y
Stock Trading Strategist