Gold bounces from new low as markets retrace some of their yesterday’s declines.
The gold futures contract lost 0.36% on Wednesday, August 16 as it further extended its short-term downtrend following economic data releases, strengthening U.S. dollar, among other factors. The market broke below the $1,930 level and it was the lowest since early July. On July 31 gold’s December futures contract reached new local high of $2,010.90.
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 a new local low as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it is trading slightly below the $1,930 level. What about the other precious metals? Silver is 1.6% higher, platinum is 2.5% higher and palladium is 1.7% higher. So the main precious metals’ prices are mixed this morning.
Yesterday markets fluctuated after the FOMC Meeting Minutes release, and gold reached new local low following that news. Today we will get the Unemployment Claims release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 17
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 10:00 a.m. U.S - CB Leading Index m/m
Friday, August 18
- 2:00 a.m. U.K. - Retail Sales m/m
Paul Rejczak
Stock Trading Strategist