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Daily Gold News: Friday, August 21 – Gold Lower as U.S. Dollar Strengthens

By:
Paul Rejczak
Published: Aug 21, 2020, 11:39 GMT+00:00

The gold futures contract lost 1.21% on Thursday, as it extended its Wednesday’s decline of over 2%.

Gold, Silver, Platinum, Palldium

The gold futures contract lost 1.21% on Thursday, as it extended its Wednesday’s decline of over 2%. The yellow metal’s price remained below $2,000. Gold reversed lower after previous Friday’s much better than expected Nonfarm Payrolls release. The following upward correction reached a local high of $2,024.60 on Tuesday. And on Wednesday gold declined to a short-term local low of $1,930.50.

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Gold is 0.7% lower this morning, as it is trading along yesterday’s daily low. What about the other precious metals? Silver lost 0.71% on Thursday and today it is 1.2% lower. Platinum lost 3.07% and today it is 2.0% lower. Palladium gained 0.36% on Thursday and today it’s 0.7% lower. So precious metals’ prices are lower this morning following strengthening U.S. dollar.

Yesterday’s FOMC Unemployment Claims and Philly Fed Manufacturing Index have been worse than expected. However, financial markets were going risk-on and the U.S. stock market went higher.

Today, we got worse than expected PMI numbers from Europe. We will also get the U.S. Flash Manufacturing PMI/ Flash Services PMI release at 9:45 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, August 21

  • 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone – Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – Existing Home Sales

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For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak

Stock Selection Strategist

Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

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.

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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