Daily Gold News: July 18 – Gold Is Above $1,960 Again
Gold price advances ahead of the Retail Sales data.
The gold futures contract lost 0.41% on Monday, July 17 as it extended a short-term consolidation following its last 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 close to its last week’s local highs as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher this morning as it is trading above the $1,960 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.1% lower and palladium is 0.6% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at 1.1. Today we will get the important Retail Sales number release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, July 19
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
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