Daily Gold News: Friday, May 14 – Gold Closer to Recent Local Highs

The gold futures contract gained 0.07% on Thursday, as it extended its short-term consolidation following last week’s rally. The price broke above a short-term consolidation along $1,800 price level a week ago. In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. The yellow metal’s price was the lowest since last year’s June. Today gold is trading higher within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.5% higher this morning, as it is trading closer to the recent local highs. What about the other precious metals? Silver is 0.4% higher, platinum is 1.3% higher and palladium is 1.1% higher today. So precious metals are higher this morning.

Yesterday’s Producer Price Index release has been higher than expected at +0.6%. 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 today:

Friday, May 14

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m , Import Prices m/m
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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