Daily Gold News: Tuesday, August 9 – Gold Price Going Sideways

Gold Price Recap

The gold futures contract gained 0.78% on Monday, August 8, as it retraced most of the Friday’s decline of 0.9%. Gold price extended its short-term consolidation along the $1,800 level. On Thursday it was the highest since early July on rallying stock markets, economic data releases, but Friday’s monthly jobs data announcement sent the price of gold lower. This morning gold is trading above the $1,800 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is still trading along the $1,800 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.3% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Today we will get the Preliminary Nonfarm Productivity number release at 8:30 a.m., among others. The market will be waiting for the tomorrow’s CPI release.

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

Tuesday, August 9

• 6:00 a.m. U.S. – NFIB Small Business Index
• 8:30 a.m. U.S. – Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
• Tentative, U.S. – IBD/TIPP Economic Optimism

Wednesday, August 10

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 1:01 p.m. U.S. – 10-y Bond Auction
• 2:00 p.m. U.S. – Federal Budget Balance
• All Day, Japan – Bank Holiday

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

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