Daily Gold News: Tuesday, August 4 – Gold’s New Record High and Declining Volatility

FXEmpire.com –

The gold futures contract has further extended its long-term uptrend on Monday. The market reached new record high at the level of $2,009.50, before closing virtually unchanged (+0.02%). Gold price is the highest in history following U.S. dollar sell-off, among other factors.

Gold is unchanged this morning as it is trading within a short-term consolidation. What about the other precious metals? Silver gained 0.83% on Monday and today it is unchanged. Platinum gained 1.33% and today it is 1.2% higher. Palladium lost 0.27% on Monday and today it’s 1.1% higher. The gold price remains within a week-long consolidation along $1,950-2,000.

Yesterday’s ISM Manufacturing PMI release has been slightly better than expected at 54.2. The ISM Manufacturing PMI got back above the neutral level of 50 following steep declines in May and June.

The markets will now wait for the important monthly jobs data release on Friday. On Wednesday we will get the ADP Non-Farm Employment Change, among others. And today the Factory Orders number will be released at 10:00 a.m.

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

Tuesday, August 4

  • 00:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 10:00 a.m. U.S. – Factory Orders m/m, IBD/TIPP Economic Optimism
  • 9:45 p.m. China – Caixin Services PMI

Wednesday, August 5

  • 8:00 a.m. Japan – BOJ Governor Kuroda Speech
  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. – Trade Balance
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Non-Manufacturing PMI
  • 5:00 p.m. U.S. – FOMC Member Mester Speech

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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.


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.

Credit: Nasdaq

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