Daily Gold News: August 14 – Gold Continues to Fluctuate Along $1,950

Gold price extends its consolidation; tomorrow’s economic data in focus.

The gold futures contract lost 0.12% on Friday, August 11 as it slightly extended its short-term downtrend again. The market closed below the $1,950 level. On July 31 gold’s December futures contract reached new local high of $2,010.90. Then it has retraced all of the advance following economic data releases, strengthening U.S. dollar.

On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.

Today gold is trading along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 14 – Gold Continues to Fluctuate Along $1,950 - Image 1

The gold price is unchanged this morning as it is trading below the $1,950 level. What about the other precious metals? Silver is 0.1% higher, platinum is unchanged and palladium is 0.6% lower. So the main precious metals’ prices are virtually flat this morning.

Friday’s Producer Price Index release has been higher than expected at +0.3% m/m. Today we won’t get any new important economic data releases. The market will be waiting for tomorrow’s Retail Sales release.

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

Monday, August 14

  • 9:30 p.m. Australia - Monetary Policy Meeting Minutes, Wage Price Index q/q
  • 10:00 p.m. China - Industrial Production y/y

Tuesday, August 15

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 11:00 a.m. U.S. - FOMC Member Kashkari Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • All Day, Eurozone - French Bank Holiday, Italian Bank Holiday

Paul Rejczak
Stock Trading Strategist