Daily Gold News: August 29 - Gold Going Sideways

Gold price remains close to $1,950 as markets await important data releases.

The gold futures contract gained 0.36% on Monday, August 28 as it continued to fluctuate along the $1,.950 level. There’s some uncertainty ahead of economic data releases this week. The market is still within a short-term consolidation. Recently it was trading along the $1,925 level. after breaking slightly below the $1,920 level. On July 31 gold’s December futures contract reached a local high of $2,010.90 and last week on Monday it was the lowest since early July.

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 a local low of around $1,813.

Today gold is trading along the $1,950 level again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 29 - Gold Going Sideways - Image 1

The gold price is unchanged this morning as it is trading slightly below the $1,950 level. What about the other precious metals? Silver is also unchanged, platinum is 0.5% higher and palladium is 0.2% lower. So the main precious metals’ prices are virtually flat this morning.

Today we will get the important CB Consumer Confidence and JOLTS Job Openings releases 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).

Tuesday, August 29

  • 3:40 a.m. Australia - RBA Governor-Designate Bullock Speech
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
  • 9:30 p.m. Australia - CPI y/y

Wednesday, August 30

  • 3:00 a.m. Eurozone - Spanish Flash CPI y/y
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist