Daily Gold News: Friday, July 15 – Gold Fluctuates Along $1,700 Price Level

Gold Price Recap

The gold futures contract lost 1.71% on Thursday, July 14, as it further extended its short- and medium-term downtrend. The daily low was at $1,695, after breaking slightly below the $1,700 price level. The market reacted to rallying U.S. dollar, among other factors. This morning gold is trading along the $1,700 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading within an intraday consolidation. What about the other precious metals? Silver is 0.2% lower, platinum is 0.5% lower and palladium is 1.9% lower. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Producer Price Index release has been higher than expected at +1.1% m/m. Today we will get the Retail Sales 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.

Friday, July 15

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, 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, Business Inventories m/m, Preliminary UoM Inflation Expectations

Monday, July 18

• 10:00 a.m. U.S. – NAHB Housing Market Index
• 4:00 p.m. U.S. – TIC Long-Term Purchases
• 9:30 p.m. Australia – Monetary Policy Meeting Minutes

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

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