Daily Gold News: Tuesday, August 16 – Gold Price Remains Below the $1,800 Level

Gold Price Recap

The gold futures contract lost 0.96% on Monday, August 15, as it retraced some of the recent advances on strengthening U.S. dollar, among other factors. On Wednesday the market reached new local high of $1,824.60 following lower-than-expected Consumer Price Index release. This morning gold is trading below the $1,800 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading along its yesterday’s closing price. What about the other precious metals? Silver is also 1.0% lower, platinum is 1.0% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Empire State Manufacturing Index release has been worse than expected at -31.3. Today we will get the Building Permits/ Housing Starts and Industrial Production releases.

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

Tuesday, August 16

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment
• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 9:30 p.m. Australia – Wage Price Index q/q

Wednesday, August 17

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
• 10:00 a.m. U.S. – Business Inventories m/m
• 2:00 p.m. U.S. – FOMC Meeting Minutes
• 9:30 p.m. Australia – Employment Change, Unemployment Rate

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

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