Daily Gold News: July 17 – Gold Extends Consolidation

Gold price remains close to $1,960 as markets await Empire State Manufacturing data.

The gold futures contract gained 0.03% on Friday, July 14 as it continued sideways following its Wednesday’s advance of 1.3% and a breakout above the previous trading range. On Wednesday it broke higher after slightly lower than expected Consumer Price Index release. Precious metals’ prices followed weakening U.S. dollar, among other factors. Recently gold was trading sideways after bouncing from new local low of $1,900.60. On June 29 it was the lowest since mid-March.

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

Daily Gold News: July 17 – Gold Extends Consolidation - Image 1

The gold price is 0.2% lower this morning as it is trading along the $1,960 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.5% lower and palladium is 0.6% lower. So the main precious metals’ prices are slightly lower this morning.

Friday’s Preliminary UoM Consumer Sentiment release has been better than expected at 72.6. Today we will get the important Empire State Manufacturing Index release at 8:30 a.m.

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

Monday, July 17

  • 4:15 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. U.S. - Empire State Manufacturing Index
  • 9:30 p.m. Australia - Monetary Policy Meeting Minutes
  • All Day - G20 Meetings

Tuesday, July 18

  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index, FOMC Member Barr Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • All Day - G20 Meetings

Paul Rejczak
Stock Trading Strategist