Daily Gold News: Thursday, August 26 – Gold Flat Ahead of Jackson Hole Symposium

The gold futures contract lost 0.97% on Wednesday, as it retraced most of its Monday’s advance. On Monday the market broke above a short-term consolidation following the mid-August advances. But yesterday it came back below the $1,800 price level. This morning gold is trading along yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% lower, as it is trading below the $1,800 price level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.5% lower and palladium is 1.1% lower. So precious metals’ prices are lower this morning.

Yesterday’s Durable Goods Orders release has been slightly better than expected at -0.1%. Today we will get the Preliminary GDP, Unemployment Claims releases at 8:30 a.m.

The markets will also be waiting for the Jackson Hole Symposium that begins today. And tomorrow we will get a speech from the Fed Chair Powell.

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

Thursday, August 26

• 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q
• All Day, U.S. – Jackson Hole Symposium Day 1

Friday, August 27

• 8:30 a.m. U.S. – Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m, Goods Trade Balance, 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 Day 2

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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