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Daily Gold News: Tuesday, August 3 – Gold Trading Along $1,800

The gold futures contract gained 0.28% on Monday, as it fluctuated following Friday’s retreat. On Thursday, the market broke above its July 15 high of $1,835 and it gained 2%. Then on Friday it has lost around 1%. Precious metals’ prices followed weakening U.S. dollar. This morning gold is trading along yesterday’s daily close, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% lower, as it continues to trade above $1,800 mark. What about the other precious metals? Silver is 0.1% higher, platinum is 0.4% lower and palladium is 0.5% higher. So precious metals’ prices are mixed this morning.

Yesterday’s ISM Manufacturing PMI release has been slightly worse than expected at 59.50. Today we will get the Factory Orders number release, among others.

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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:

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

Wednesday, August 4

  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change

  • 9:45 a.m. U.S. – Final Services PMI

  • 10:00 a.m. U.S. – ISM Services PMI, FOMC Member Clarida Speech

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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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.

This article was originally posted on FX Empire

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