Daily Gold News: Monday, August 2 – Gold Going Back to $1,800

The gold futures contract lost 1.01% on Friday, as it retraced half of its Thursday’s advance. On Thursday, the market broke above its July 15 high of $1,835 and it gained 2%. Precious metals’ prices have followed weakening U.S. dollar after Wednesday’s FOMC Statement release. This morning gold is extending Friday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.3% lower, as it’s trading closer to $1,800 mark again. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% higher and palladium is 0.2% higher. So precious metals’ prices are mixed this morning.

Friday’s Personal Income, Personal Spending and the Chicago PMI releases have been better than expected.

Today we will get the ISM Manufacturing PMI release at 10:00 a.m.

Where would the price of gold go following last Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

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

Monday, August 2

• 3:55 a.m. Eurozone – German Final Manufacturing PMI
• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
• All Day, Canada – Bank Holiday

Tuesday, August 3

• 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
• 10:00 a.m. U.S. – Factory Orders m/m
• 2:00 p.m. U.S. – FOMC Member Bowman Speech
• 9:45 p.m. China – Caixin Services PMI

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.

* * * * *

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.