Daily Gold News: Friday, July 17 – Gold Above $1,800 Again

The gold futures lost 0.74% on Thursday, as it continued to fluctuate after last week’s Wednesday’s advance to new long-term high of $1,829.80. For now, it looks like a relatively flat correction within an uptrend. The financial markets have been going sideways recently, depsite series of better-than-expected economic data releases. Last month gold broke above medium-term local highs in June, as we can see on the daily chart:

Gold is 0.5% higher this morning, as it is getting back slightly above $1,800 price level. What about the other precious metals? Silver lost 0.95% on Thursday and today it is trading 0.5% higher. Platinum lost 0.74% and today it is 0.9% higher. Palladium gained 0.75% and today it is 1.1% higher. So precious metals are advancing this morning.

Yesterday’s U.S. Retail Sales number has been better than expected. However, the Unemployment Claims number has risen to 1,300 million vs. the expected value of 1,250 million. Today we will get the housing market data along with the Michigan Sentiment number.

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

Friday, July 17

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment

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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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