Daily Gold News: Tuesday, August 17 – Gold Higher Ahead of Data Releases, Fed-talk

The gold futures contract gained 0.65% on Monday, as it further extended its short-term uptrend from last Monday’s local low of 1,675.90. The market has retraced more of its previous Friday’s-Monday’s sell-off. On Friday it came back closer to mid-July consolidation along the $1,800 price level and this morning gold is trading just below that resistance level, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.4% higher, as it is trading close to $1,800 price level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.4% higher and palladium is unchanged. So precious metals’ prices are slightly higher this morning.

Yesterday’s Empire State Manufacturing Index release has been worse than expected at 18.3. But then, the President Biden’s speech on Afghan crisis lifted stock prices along with precious metals, oil.

Today we will get the important Retail Sales release and the Fed Chair Powell speech. We will also have the Industrial Production and Business Inventories releases.

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

Tuesday, August 17

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
• 1:30 p.m. U.S. – Fed Chair Powell Speech

Wednesday, August 18

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m
• 2:00 p.m. U.S. – FOMC Meeting Minutes
• 9:30 p.m. Australia – Employment Change, Unemployment Rate

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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