Daily Gold News: Friday, August 26 – Gold Trades Lower Ahead of Powell’s Speech

Gold Price Recap

The gold futures contract gained 0.56% on Thursday, August 25, as it extended its short-term rebound following the recent declines. On Monday the market reached the local low of $1,740.20. Since then gold has been retracing some of the decline. This morning the yellow metal is trading lower, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.7% lower this morning, as it is trading below the $1,750 price level ahead of the Fed Chief Powell speech at the Jackson Hole Symposium. What about the other precious metals? Silver is 0.3% lower, platinum is 1.1% lower and palladium is 0.8% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Preliminary GDP number release has been slightly better than expected at -0.6% m/m and the Unemployment Claims release has been lower than expected at 243,000. Today we will get the important Core PCE Price Index release at 8:30 a.m. and the Fed Chair Powell Speech at 10:00 a.m.

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

Friday, August 26

  • 8:30 a.m. U.S. – Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. – Fed Chair Powell Speech, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • All Day, U.S. – Jackson Hole Symposium

Monday, August 29

  • All Day, U.K. – Bank Holiday

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

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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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