Daily Gold News: Tuesday, August 30 – Gold Trading Sideways

Gold Price Recap

The gold futures contract lost 0.01% on Monday, August 29, as it fluctuated following its Friday’s decline of 1.2% after a speech from the Fed Chair Powell at the Jackson Hole Symposium. Yesterday gold fell to the new local low of $1,731.4 before bouncing up and closing virtually flat. This morning yellow metal is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading along the $1,730 price level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.6% lower and palladium is 1.1% lower. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Today we will get the important CB Consumer Confidence, JOLTS Job Openings releases at 10:00 a.m. The markets will be waiting for tomorrow’s ADP Non-Farm Employment Change, Thursday’s ISM Manufacturing PMI, and Friday’s monthly jobs data releases.

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

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

Wednesday, August 31

• 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
• 8:00 a.m. U.S. – FOMC Member Mester Speech
• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:45 a.m. U.S. – Chicago PMI
• 9:45 p.m. China – Caixin Manufacturing PMI

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

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