Daily Gold News: Friday, August 20 – Gold’s Low Volatility

The gold futures contract lost 0.07% on Thursday, as it extended its short-term consolidation following the recent advances. The market got close to $1,800 price level after bouncing from the August 9 local low of 1,675.90. Despite an increased volatility on the stock market, the yellow metal has been fluctuating within a relatively narrow trading range since Monday. This morning gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% higher, as it continues to trade slightly below $1,800 price level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.4% higher and palladium is 0.1% lower. So precious metals’ prices are mixed this morning.

Yesterday’s Philly Fed Manufacturing Index release has been worse than expected at 19.4 and the Unemployment Claims release has been slightly better than expected at 348,000. Today we won’t get any new important economic data releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, August 20

• 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m

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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