Daily Gold News: August 23 – Gold Is Still Trading Along $1,930

Gold extends its short-term bounce ahead of the important PMI numbers release.

The gold futures contract gained 0.16% on Tuesday, August 22 as it fluctuated along the $1,925 level. It is trading sideways following the recent declines. The market was declining on data releases, strong U.S. dollar, among other factors. Last week it broke below the $1,920 level and on Monday it was the lowest since early July. On July 31 gold’s December futures contract reached a 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 slightly extending its bounce as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 23 – Gold Is Still Trading Along $1,930 - Image 1

The gold price is 0.4% higher this morning as it is trading along the $1,930 level. What about the other precious metals? Silver is also 1.8% higher, platinum is 0.5% higher and palladium is 2.4% higher. So the main precious metals’ prices are higher this morning.

Today we will get the important U.S. Flash Manufacturing PMI, Flash Services PMI releases at 9:45 a.m., among others. The markets will be waiting for the Jackson Hole Symposium on Thursday-Friday and the Fed Chair Powell’s speech on Friday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Wednesday, August 23

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - New Home Sales
  • All Day - BRICS Summit

Thursday, August 24

  • 9:30 a.m. U.S. - Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 12:00 a.m. U.S. - FOMC Member Harker Speech
  • All Day, U.S. - Jackson Hole Symposium
  • All Day - BRICS Summit

Paul Rejczak
Stock Trading Strategist