Daily Gold News: Wednesday, August 17 – Gold Trades Below the Recent Consolidation

Gold Price Recap

The gold futures contract lost 0.47% on Tuesday, August 16, as it extended its Monday’s decline of 1% on strengthening U.S. dollar, among other factors. Last week on Wednesday the market reached new local high of $1,824.60 following lower-than-expected Consumer Price Index release. And this morning gold is trading along yesterday’s daily low, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% lower this morning, as it is still trading below the $1,800 price level. What about the other precious metals? Silver is also 1.2% lower, platinum is 1.0% lower and palladium is 0.8% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Building Permits/ Housing Starts releases have been mixed and the Industrial Production release has been higher than expected. Today we will get the important Retail Sales release at 8:30 a.m. and the FOMC Meeting Minutes release at 2:00 p.m.

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

Wednesday, August 17

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
  • 10:00 a.m. U.S. – Business Inventories m/m
  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 9:30 p.m. Australia – Employment Change, Unemployment Rate

Thursday, August 18

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
  • 1:20 p.m. U.S. – FOMC Member George Speech

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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