Daily Gold News: Thursday, August 4 – Gold Price is Close to the $1,800 Level Again

Gold Price Recap

The gold futures contract lost 0.74% on Wednesday, August 3, as it retraced some of the recent advances. The market bounced from its Monday’s new local high of $1,805. The yellow metal’s price followed stock market’s rally, among other factors. This morning gold is trading close to the $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.8% higher this morning, as it is trading along the $1,800 level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.8% higher and palladium is 2.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Services PMI release has been better than expected at 56.7. Today we will get the Unemployment Claims, Trade Balance releases and a speech from the FOMC Member Mester. The markets will be waiting for tomorrow’s monthly jobs data release.

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

Thursday, August 4

• 7:00 a.m. U.K. – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
• 7:30 a.m. U.K. – BOE Governor Bailey Speech
• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
• 12:00 p.m. U.S. – FOMC Member Mester Speech
• 9:30 p.m. Australia – RBA Monetary Policy Statement

Friday, August 5

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 3:00 p.m. U.S. – Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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