Daily Gold News: Wednesday, August 10 – Gold Goes Sideways Ahead of Inflation Data

Gold Price Recap

The gold futures contract gained 0.39% on Tuesday, August 9, as it extended a short-term consolidation along the $1,800 price level. On Tuesday it was the highest since early July and this morning, gold is still trading above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is extending a consolidation ahead of the Consumer Inflation number release. What about the other precious metals? Silver is 0.4% lower, platinum is 0.1% lower and palladium is 1.0% lower. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Preliminary Nonfarm Productivity release has been as expected at -4.6%.

Today we will get the important CPI release at 8:30 a.m. and the Final Wholesale Inventories release at 10:00 a.m., among others.

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

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

Thursday, August 11

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
• 1:01 p.m. U.S. – 30-y Bond Auction

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

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