Daily Gold News: Monday, August 29 – Gold Extends the Downtrend

Gold Price Recap

The gold futures contract lost 1.22% on Friday, August 26, as it retraced its recent advances following a speech from the Fed Chair Powell at the Jackson Hole Symposium. Gold price went closer to the last Monday’s local low of around $1,740. This morning yellow metal is trading the lowest since late July, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.6% lower this morning, as it is extending its short-term downtrend after breaking below the $1,750 price level. What about the other precious metals? Silver is 2.4% lower, platinum is 0.9% lower and palladium is 0.6% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Friday’s Core PCE Price Index release has been lower than expected at +0.1% m/m and Personal Income/ Personal Spending releases have been lower than expected. Today we will get a speech from the FOMC Member Brainard at 2:15 p.m.

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

Monday, August 29

• 2:15 p.m. U.S. – FOMC Member Brainard Speech
• All Day, U.K. – Bank Holiday

Tuesday, August 30

• 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, JOLTS Job Openings
• 11:00 a.m. U.S. – FOMC Member Williams Speech
• All Day, Eurozone – German Preliminary CPI m/m

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

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