Gold is retracing its recent advances, getting closer to $2,400.
The gold futures contract lost 0.14% on Thursday, July 18, as it slightly extended its pullback from the Wednesday’s new record high of $2,488.40. Recently, the yellow metal broke above 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 retracing more of its advances, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.8% lower, as it’s trading closer to the $2,400 level. What about the other precious metals? Silver is 2.9% lower, platinum is 1.1% lower and palladium is 1.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 243,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, July 22
- No important economic data
Paul Rejczak
Stock Trading Strategist