Daily Gold News: Friday, August 19 – Gold Price Extends its Decline

Gold Price Recap

The gold futures contract lost 0.31% on Thursday, August 18, as it extended a short-term downtrend following the recent breakdown below the $1,800 level. Last week on Wednesday the market reached new local high of $1,824.60 after lower-than-expected Consumer Price Index release. This morning gold is extending its decline on strengthening U.S. dollar, among other factors, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% lower this morning, as it is trading the lowest since late July. The market is now below the previous local lows along the $1,775 price level. What about the other precious metals? Silver is 1.6% lower, platinum is 1.3% lower and palladium is 1.0% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Philly Fed Manufacturing Index release has been higher than expected at 6.2 and the Unemployment Claims release has been slightly lower than expected at 250,000. Today we won’t get any new important economic data announcements.

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

Friday, August 19

• No important economic data releases

Monday, August 22

• No important economic data releases

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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