Daily Gold News: August 16 – Gold Trades Along Local Lows

Gold price remains below $1,950 ahead of the important FOMC release.

The gold futures contract lost 0.45% on Tuesday, August 15 as it further extended its short-term downtrend following economic data releases, strengthening U.S. dollar, among other factors. The market remained below the $1,950 level and it was the lowest since mid-July. On July 31 gold’s December futures contract reached new local high of $2,010.90. Then it has retraced all of the advance.

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 slightly higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 16 – Gold Trades Along Local Lows - Image 1

The gold price is 0.1% higher this morning as it is trading along the $1,940 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.5% lower and palladium is 1.1% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Retail Sales release has been higher than expected at +0.7% m/m. Today the markets are waiting for the important FOMC Meeting Minutes release at 2:00 p.m., among others.

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

Wednesday, August 16

  • 2:00 a.m. U.K. - CPI y/y
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 2:00 p.m. U.S. - FOMC Meeting Minutes
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate

Thursday, August 17

  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 10:00 a.m. U.S - CB Leading Index m/m

Paul Rejczak
Stock Trading Strategist