Daily Gold News: Monday, July 20 – Gold Extending Short-Term Advance

The gold futures gained 0.54% on Friday, as it further extended its short-term consolidation following the recent 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 0.2% higher this morning, as it’s getting closer to its recent local high. What about the other precious metals? Silver gained 0.98% on Friday and today it is 1.2% higher. Platinum gained 1.51% and today it is 1.4% higher. Palladium gained 2.30% and today it is 1.3% higher. So precious metals are extending their short-term advance this morning.

Last week’s Friday’s housing market data have been basically as expected. But the Michigan Sentiment number has come out worse than expected. Today and tomorrow we won’t get any important economic data releases. However, the markets will await series of the U.S. quarterly corporate earnings releases this week.

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

Monday, July 20

• 10:30 p.m. Australia – RBA Governor Lowe Speech
• All Day, Eurozone – EU Economic Summit

Tuesday, July 21

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

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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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