The gold futures contract gained 1.51% on Friday, as it extended its short-term uptrend from last Monday’s local low of 1,675.90. The market has retraced more of its previous Friday’s-Monday’s sell-off. On Friday it came back closer to mid-July consolidation along the $1,800 price level. This morning, gold is trading along Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.1% lower, as it is trading slightly below its last Friday’s daily high of $1,781.90. What about the other precious metals? Silver is 1.0% lower, platinum is 1.7% lower and palladium is 1.2% lower. So precious metals’ prices are lower this morning.
Friday’s Producer Price Index Consumer Sentiment release has been much worse than expected at 70.2. Today we will get the Empire State Manufacturing Index, TIC Long-Term Purchases releases. But the markets will be waiting for tomorrow’s important Retail Sales release and the Fed Chair Powell speech.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, August 16
- 8:30 a.m. U.S. – Empire State Manufacturing Index
- 4:00 p.m. U.S. – TIC Long-Term Purchases
Tuesday, August 17
- 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
- 1:30 p.m. U.S. – Fed Chair Powell Speech
For a look at all of today’s economic events, check out our economic calendar.
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