Daily Gold News: July 18 - Gold Going Sideways, Near Record High

Paul-Rejczak Paul Rejczak Jul 18, 2024

Gold price remains close to a new record high; markets await further data.

The gold futures contract lost 0.32% on Wednesday, July 17, as it pulled back from a new record high of $2,488.40. Recently, the yellow metal broke above its highs from April and May following advances in stocks, weaker U.S. dollar. Last Thursday, gold broke above the previous week’s local high in a reaction to lower-than-expected inflation data. On previous week, the yellow metal broke above its recent trading range, reaching $2,400. Before the rebound, it was fluctuating within a consolidation following a retreat from the record high.

This morning, gold is trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 18 - Gold Going Sideways, Near Record High - Image 1

The gold price is 0.3% higher, as it is trading slightly below the $2,470 level. What about the other precious metals? Silver is 0.9% higher, platinum is 0.1% lower and palladium is 0.9% lower. So, the main precious metals’ prices are higher this morning.

Yesterday’s Building Permits and Housing Starts releases have been higher than expected. Today, we will get the Unemployment Claims release at 8:30 a.m. There will also be monetary policy update from the ECB at 8:15 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Thursday, July 18

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - CB Leading Index m/m
  • 1:45 p.m. U.S. - FOMC Member Logan Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 6:05 p.m. U.S. - FOMC Member Daly Speech
  • 7:45 p.m. U.S. - FOMC Member Bowman Speech

Friday, July 19

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 10:40 a.m. U.S. - FOMC Member Williams Speech
  • 1:00 p.m. U.S. - FOMC Member Bostic Speech

Paul Rejczak
Stock Trading Strategist