Gold price is going sideways as markets await next week’s Fed release.
The gold futures contract was unchanged on Wednesday, July 19 as it fluctuated after its Tuesday’s advance of 1.3% and a breakout above the recent trading range. Last week on Wednesday gold broke above the previous trading range. Recently gold was trading sideways after bouncing from new local low of $1,900.60. On June 29 it was the lowest since mid-March. It went higher following economic data releases, including lower-than-expected Consumer Price Index release.
In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher this morning as it is trading above the $1,980 level. What about the other precious metals? Silver is 0.2% higher, platinum is unchanged and palladium is 0.3% lower. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Building Permits and Housing Starts releases have been slightly lower than expected. Today we will get the Unemployment Claims 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 (EST Timezone).
Thursday, July 20
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
Friday, July 21
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
Paul Rejczak
Stock Trading Strategist