Gold broke above the $2,400 level following CPI; more data in focus.
The gold futures contract gained 1.77% on Thursday, July 11, as it broke above its last week’s local high following lower-than-expected inflation data. Gold reached a local high of $2,430.40, and it was the highest since late May. Last week, the yellow metal broke above the recent trading range, reaching the $2,400 level on Friday. Before the rebound, it was declining towards the early June lows. It was fluctuating within a consolidation following a retreat from its May 20 record high of $2,454.20.
This morning, gold is retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading slightly above the $2,400 level. What about the other precious metals? Silver is 2.2% lower, platinum is 1.5% lower and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Consumer Price Index release has been lower than expected at -0.1% month-over-month. Today, we will get the Producer Price Index number at 8:30 a.m., and the Consumer Sentiment release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Monday, July 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 12:00 p.m. U.S. - Fed Chair Powell Speech
- 4:35 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist