Gold price remains close to $1,950 as markets await economic data.
The gold futures contract lost 0.22% on Monday, July 24 as it extended its short-term downtrend after bouncing from the last Thursday’s local high of around $1,990. Gold price retreated closer to the $1,950 level following strengthening U.S. dolla, among other factors. 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 trading slightly lower again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is trading below the $1,960 level. What about the other precious metals? Silver is 0.7% higher, platinum is 1.3% higher and palladium is 1.4% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s U.S. Flash Manufacturing PMI has been higher than expected at 49.0 and the Flash Services PMI release has been lower than expected at 52.4. Today we will get the CB Consumer Confidence release at 10:00 a.m. The markets will be waiting for the important FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, July 26
- 10:00 a.m. U.S. - New Home Sales
- 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
- 2:30 p.m. U.S. - FOMC Press Conference
Paul Rejczak
Stock Trading Strategist