Daily Gold News: August 17 – Precious Metals Retracing Friday’s Declines

The gold futures contract lost 1.05% on Friday, as it fluctuated following Wednesday’s-Thursday’s bounce from the local low of $1,874.20. The market has retraced some of the recent 10.3% decline off new record high of $2,089.20. Gold reversed sharply lower following previous Friday’s Nonfarm Payrolls release, among other factors. The bounce looks like an upward correction, as we can see on the daily chart:

Gold is 0.5% higher this morning, as it is extending a short-term consolidation. What about the other precious metals? Silver lost 5.88% on Friday and today it is 1.7% higher. Platinum lost 2.43% and today it is 1.7% higher. Palladium lost 3.29% on Friday and today it’s 2.4% higher. So precious metals are gaining this morning.

Friday’s weekly U.S. Retail Sales release has been slightly worse than expected at +1.2%. But the Core Retail Sales number was at +1.9%. The Industrial Production, Consumer Sentiment and Business inventories have been as expected.

Today we will get the Empire State Manufacturing Index at 8:30 a.m.

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

Monday, August 17

• 8:30 a.m. U.S. – Empire State Manufacturing Index
• 10:00 a.m. U.S. – NAHB Housing Market Index

Tuesday, August 18

• 8:30 a.m. U.S. – Building Permits, Housing Starts

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For a look at all of today’s economic events, check out our economic calendar.

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

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