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 0.14% 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 .23% lower. Platinum gained 0.62% and today it is 0.5% lower. Palladium gained 0.86% on Wednesday 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 a 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