Daily Gold News: August 24 – Gold Price Is at $1,950 Again

Gold bounced to around $1,950; tomorrow’s Powell’s speech is in focus.

The gold futures contract gained 1.15% on Wednesday, August 23 as it retraced some of the recent declines. The market followed rebounding stock prices, economic data. Earlier this week it was trading sideways . Last week gold 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 trading along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 24 – Gold Price Is at $1,950 Again - Image 1

The gold price is 0.1% lower this morning as it is trading just below the $1,950 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.4% lower and palladium is 0.2% lower. So the main precious metals’ prices are lower this morning.

Today we will get the Unemployment Claims release at 8:30 a.m., among others. The markets will be waiting for tomorrow’s Fed Chair Powell’s speech at the Jackson Hole Symposium.

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

Thursday, August 24

  • 8:30 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

Friday, August 25

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 9:00 a.m. U.S. - FOMC Member Harker Speech
  • 9:40 a.m. U.S. - FOMC Member Harker Speech
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 10:05 a.m. U.S. - Fed Chair Powell Speech
  • 3:00 p.m. Eurozone - ECB President Lagarde Speech
  • All Day, U.S. - Jackson Hole Symposium

Paul Rejczak
Stock Trading Strategist