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Daily Gold News: Wednesday, August 3 – Gold’s Short-Term Consolidation

By:
Paul Rejczak
Published: Aug 3, 2022, 11:47 UTC

The main precious metals’ prices are slightly lower this morning.

Gold FX Empire

In this article:

Gold Price Recap

The gold futures contract gained 0.11% on Tuesday, August 2, as it continued to fluctuate following its recent advances. The market reached new local high of $1,805 yesterday, before retracing some of the intraday advance and going back below the $1,800 level. This morning gold is trading along yesterday’s daily low and below the $1,800 price level, as we can see on the daily chart (the chart includes today’s intraday data):

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Precious Metals Price Action

Gold is 0.4% lower this morning, as it is trading along the $1,780 level. What about the other precious metals? Silver is 0.1% lower, platinum is unchanged and palladium is 0.1% higher. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s JOLTS Job Openings release has been slightly lower than expected at 10.70M vs. the expected 10.99M. Today we will get the Final Services PMI, ISM Services PMI and Factory Orders releases. The market will be waiting for Friday’s monthly jobs data announcement.

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

Wednesday, August 3

  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m

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

Paul Rejczak
Stock Trading 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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