Daily Gold News: Wednesday, August 24 – Gold’s Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.73% on Tuesday, August 23, as it retraced its Monday’s decline of 0.8%. The market bounced after the U.S. PMI numbers release, as it followed weakening U.S. dollar, rising stock prices. On August 10 gold reached new local high of $1,824.60. Since then it has been retracing the advance. This morning gold is trading slightly below its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower, as it is trading slightly above the $1,750 price level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.5% lower and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s U.S. Flash Services PMI release has been much lower than expected at 44.0 and the Flash Manufacturing PMI release has been slightly lower than expected at 51.3. Today we will get the Durable Goods Orders and Pending Home Sales releases.

Investors will be waiting for Thursday’s GDP, Friday’s Core PCE Price Index release and Friday’s Fed Chair Powell Speech at the Jackson Hole Symposium.

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

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

Thursday, August 25

• 4:00 a.m. Eurozone – German ifo Business Climate
• 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts
• 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q
• All Day, U.S. – Jackson Hole Symposium

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

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