Daily Gold News: Tuesday, August 23 – Gold Price Fluctuates After the Recent Declines

Gold Price Recap

The gold futures contract lost 0.82% on Monday, August 22, as it further extended its short-term downtrend following last week’s 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 along its yesterday’s closing price despite strengthening U.S. dolar, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is virtually flat this morning, as it is trading along the $1,750 price level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.8% lower and palladium is 0.4% higher. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday we didn’t get any new important economic data releases. Today we will get the U.S. Flash Services PMI, Flash Manufacturing PMI numbers releases at 9:45 a.m. Today’s PMI releases from Europe have been mixed. Investors will be waiting for 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.

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

Wednesday, August 24

• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
• 10:00 a.m. U.S. – Pending Home Sales m/m

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

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