Daily Gold News: Monday, August 1 – Gold Price is Closer to $1,800 Again

Gold Price Recap

The gold futures contract gained 0.72% on Friday, July 29, as it extended its Thursday’s advance of 2.9%. On Thursday it broke above the recent trading range following Wednesday’s FOMC interest rate decision announcement and stock markets’ rally. Gold price acelerated its short-term uptrend after the previous week’s Thursday’s-Friday’s rebound from the new medium-term low of $1,678.40. This morning gold is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% higher this morning, as it is trading above the $1,750 level. What about the other precious metals? Silver is 0.5% higher, platinum is 1.6% higher and palladium is 2.5% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Friday’s Core PCE Price Index release has been slightly higher than expected at +0.6%. Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others.

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

Monday, August 1

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
• Tentative, U.S. – Loan Officer Survey
• All Day, Canada – Bank Holiday

Tuesday, August 2

• 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
• 10:00 a.m. U.S. – JOLTS Job Openings
• All Day, U.S. – Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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