Daily Gold News: Thursday, August 18 – Gold Price Bounces

Gold Price Recap

The gold futures contract lost 0.73% on Wednesday, August 17, as it extended its recent declines after breaking below the $1,800 price level. Last week on Wednesday the market reached new local high of $1,824.60 following lower-than-expected Consumer Price Index release. This morning gold is retracing some of its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% higher this morning, as it is bouncing from the $1,775 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.4% higher and palladium is 1.3% higher. So the main precious metals’ prices are slightly higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Retail Sales release has been slightly lower than expected at 0.0% m/m. Today we will get the Philly Fed Manufacturing Index and Unemployment Claims releases, among others.

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

Thursday, August 18

• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
• 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
• 1:20 p.m. U.S. – FOMC Member George Speech

Friday, August 19

• No important economic data releases

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

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