Daily Gold News: Friday, July 23 – Gold Still at $1,800

The gold futures contract gained 0.11% on Thursday, as it continued to fluctuate along $1,800 price level after retracing some of the recent rally. Last week on Thursday, the market has reached a local high of $1,835. Since then it has been consolidating along the price level of $1,800. This morning gold is trading at that level again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it continues to trade along this week’s local lows. What about the other precious metals? Silver is 1.0% lower, platinum is 1.6% lower and palladium is 0.4% lower. So precious metals’ prices are lower this morning. They are following strengthening U.S. dollar, as the EURUSD currency pair remains below 1.18 mark.

Yesterday’s Unemployment Claims release has been worse than expected at 419,000 and the Existing Home Sales release has been as expected at 5.86 million. Today we will get the U.S. Flash Manufacturing PMI, Flash Services PMI numbers at 9:45 a.m.

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

Friday, July 23

• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

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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