Daily Gold News: Wednesday, July 15 – Gold Going Sideways After Last Week’s Rally

The gold futures contract lost 0.04% on Tuesday, as it extended a short-term consolidation following last Wednesday’s advance to new long-term high of $1,829.80. The recent economic data releases have been better than expected and financial markets have been going risk-on. Gold broke above medium-term local highs in June, as we can see on the daily chart:

Gold is 0.2% lower this morning, as it continues to trade along $1,800 price level. What about the other precious metals? Silver lost 1.30% on Tuesday and today it is unchanged. Platinum lost 3.04% yesterday and today it is 1.2% higher, palladium lost 2.71% and today it is 0.2% higher. So precious metals are mixed again this morning.

Yesterday’s U.S. Consumer Price Index release has been basically as expected at +0.6%. Today the markets are awaiting the U.S. Industrial Production number at 9:15 a.m. Then we will get Beige Book at 2:00 p.m. There will also be China’s GDP announcement at 10:00 p.m.

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

Wednesday, July 15

• 2:30 a.m. Japan – BOJ Press Conference
• 8:30 a.m. U.S. – Empire State Manufacturing Index, Import Prices m/m
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. Canada – BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
• 11:00 a.m. Canada – BOC Press Conference
• 12:00 a.m. U.S. – FOMC Member Harker Speech
• 2:00 p.m. U.S. – Beige Book
• 9:30 p.m. Australia – Employment Change, Unemployment Rate
• 10:00 p.m. China – GDP q/y

Thursday, July 16

• 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
• 8:30 a.m. Eurozone – ECB Press Conference
• 8:30 a.m. Canada – ADP Non-Farm Employment Change
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
• 11:10 a.m. U.S. – FOMC Member Williams Speech

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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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