Daily Gold News: Tuesday, August 24 – Gold Above $1,800 Again

The gold futures contract gained 1.25% on Monday, as it broke above its short-term consolidation following the mid-August advances. The market also broke above the $1,800 price mark. It got back to July consolidation of $1,790-1,840. This morning gold is trading along yesterday’s 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 slightly above the $1,800 price level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.4% higher and palladium is 3.0% higher. So precious metals’ prices are mixed this morning.

Yesterday’s U.S. Flash Manufacturing PMI, Flash Services PMI releases have been worse than expected and the Existing Home Sales release has been better than expected. But the stock market reached new record high and gold followed higher. Today we will get the New Home Sales and Richmond Manufacturing Index releases.

The markets will be waiting for the Jackson Hole Symposium that begins on Thursday.

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

Tuesday, August 24

• 10:00 a.m. U.S. – New Home Sales, Richmond Manufacturing Index

Wednesday, August 25

• 4:00 a.m. Eurozone – German ifo Business Climate
• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m

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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