Daily Gold News: Monday, August 22 – Gold Price Extends its Downtrend

Gold Price Recap

The gold futures contract lost 0.47% on Friday, August 19, as it extended its short-term downtrend following the recent breakdown below the $1,800 price level. On August 10 the market reached new local high of $1,824.60 after lower-than-expected Consumer Price Index release.

Since then it has been retracing the advance. This morning gold is trading below the $1,750 level on some further U.S. dolar strength, among other factors, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.8% lower this morning, as it is extending its downtrend. The market is now below the $1,750 price level. What about the other precious metals? Silver is 0.9% lower, platinum is 1.9% lower and palladium is 3.6% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

On Friday we didn’t get any new important economic data releases and today we won’t get any new economic data. Investors will be waiting for tomorrow’s PMI readings, Thursday’s GDP and Friday’s Core PCE Price Index releases, among others.

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

Monday, August 22

• No important economic data releases

Tuesday, August 23

• 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing 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 Services PMI, Flash Manufacturing PMI
• 10:00 a.m. U.S. – New Home Sales, Richmond Manufacturing Index

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

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