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):

Daily Gold News: July 19 – Gold Trades Closer to $2,000 Again - Image 1

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

Paul Rejczak
Stock Trading Strategist