Daily Gold News: Friday, July 24 – Gold’s Rally Reaching New High, Just Below $1,900

The gold futures contract gained 1.34% on Thursday, as it further extended its uptrend following recent breakout above the short-term trading range and $1,800 price level. The yellow metal has reached the highest since August-September of 2011 once again. Financial markets have been going risk-on following series of better-than-expected economic data and quarterly corporate earnings releases. Last month gold broke above medium-term local highs along $1,750 price level, as we can see on the daily chart:

Gold is 0.3% higher this morning, as it is fluctuating along yesterday’s daily high. What about the other precious metals? Silver lost 0.67% on Thursday and today it is 0.1% higher. Platinum gained 0.67% and today it is trading 0.7% lower. Palladium gained 0.48% and today it’s 1.4% higher. So precious metals are trading within a short-term consolidation this morning.

Yesterday’s U.S. Unemployment Claims release has been worse than expected with a reading of over 1.4 million mark again. But today’s Eurozone’s PMI numbers have come out better than expected. The markets will wait for the U.S. Flash Manufacturing PMI/ Flash Services PMI release at 9:45 a.m. and then the New Home Sales release at 10:00 a.m.

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

Friday, July 24

• 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 4:00 a.m. Eurozone – Flash Manufacturing PMI, Flash Services PMI
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – New Home Sales

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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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