The gold futures contract gained 1.53% on Wednesday, as it retraced most of Monday's-Tuesday's decline. However, the yellow metal continued to trade within a short-term consolidation following the recent decline below $2,000 price level. Gold reversed lower on August 7 after much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 more than a week ago on Tuesday.
Gold is 0.9% lower this morning, as it is extending the mentioned short-term consolidation. What about the other precious metals? Silver gained 4.48% on Wednesday and today it is 1.6% lower. Platinum gained 0.62% and today it is 0.5% lower. Palladium gained 0.86% on Wedsneday and today it's 0.1% lower. So precious metals' prices are extending their short-term consolidation today.
Yesterday's Durable Goods Orders release has been better than expected at +11.2%. The stock market rallied and reached new record highs despite some clear technical overbought conditions. And gold was gaining as an inflation hedge.
Today we will get series of economic data releases, including GDP number, Unemployment Claims and Pending Home Sales. But certainly the Fed Chair Powell speech at 9:10 a.m. will get the most attention this morning.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, August 27
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims
- 9:10 a.m. U.S. - Fed Chair Powell Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 11:15 a.m. Canada - BOC Governor Macklem Speaks
- All Day, U.S. - Jackson Hole Symposium Day 1
Friday, August 28
- 8:30 a.m. U.S. - Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment
- All Day, U.S. - Jackson Hole Symposium Day 2
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
