Daily Gold News: July 24 – Gold Bounces From Friday’s Low

Gold price continues to fluctuate ahead of the Wednesday’s FOMC release.

The gold futures contract lost 0.22% on Friday, July 21 as it retraced more of the recent advances following strengthening U.S. dollar and stock markets’ decline. On Thursday gold reached a local high of around $1,990 and its Friday’s daily low was at around $1,959. Recently it was trading sideways after bouncing from new local low of $1,900.60. On June 29 gold was the lowest since mid-March.

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 as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 24 – Gold Bounces From Friday’s Low - Image 1

The gold price is 0.1% higher this morning as it is trading just below the $1,970 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% higher and palladium is 0.3% lower. So the main precious metals’ prices are slightly higher this morning.

Today we will get the important U.S. Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The markets will be waiting for the important FOMC release on Wednesday.

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

Monday, July 24

  • 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
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI

Tuesday, July 25

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q

Paul Rejczak
Stock Trading Strategist