Gold continues trading above $2,400; markets await data, Powell.
The gold futures contract lost 0.05% on Friday, July 12, as it fluctuated following its Thursday’s advance of 1.8%. On Thursday, gold broke above its previous week’s local high following lower-than-expected inflation data. The yellow metal has reached a local high of $2,430.40, and it was the highest since late May. On previous week, the yellow metal broke above the recent trading range, reaching the $2,400 level. 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 trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading along the $2,420 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.3% lower and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Producer Price Index release has been higher than expected at +0.2%. Today, we will get the Empire State Manufacturing Index at 8:30 a.m. There will also be a speech from the Fed Chair Powell at 12:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, July 16
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 2:45 p.m. U.S. - FOMC Member Kugler Speech
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist