Daily Gold News: July 19 – Gold Trades Closer to $2,000 Again
Gold price broke above its recent trading range; more economic data in focus.
The gold futures contract gained 1.25% on Tuesday, July 18 as it broke above the recent trading range on rallying stock markets, economic data releases. It was as high as $1,988. Last week on Wednesday gold broke above its previous trading range after a 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 slightly below its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is trading below the $1,980 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.5% lower and palladium is 2.2% lower. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.2% m/m. Today we will get Building Permits and Housing Starts releases 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).
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
Thursday, July 20
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
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