Daily Gold News: Wednesday, July 20 – Gold Going Sideways Ahead of Tomorrow’s ECB

Gold Price Recap

The gold futures contract gained 0.03% on Tuesday, July 19, as it further extended a short-term consolidation following the recent declines and a breakdown below the $1,700 price level. Last week on Thursday the daily low was at $1,695. The market reacted to rallying U.S. dollar, among other factors. This morning gold is trading sideways again, 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 slightly above the $1,700 price level. What about the other precious metals? Silver is 0.03% lower, platinum is 0.1% lower and palladium is 0.9% lower. So the main precious metals’ prices are virtually flat this morning.

Fundamentals and Economic News Schedule

Yesterday’s Building Permits/ Housing Starts releases have been mixed. Investors will now wait for the U.S. Existing Home Sales release at 10:00 a.m. The markets will be also waiting for the overnight Bank of Japan Monetary Policy Statement release and tomorrow’s important release from the ECB.

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

Wednesday, July 20

• 2:00 a.m. U.K. – CPI y/y
• 8:30 a.m. Canada – CPI m/m
• 10:00 a.m. U.S. – Existing Home Sales
• Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate

Thursday, July 21

• 8:15 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
• 8:45 a.m. Eurozone – ECB Press Conference
• 10:00 a.m. U.S. – CB Leading Index m/m
• Tentative, Japan – BOJ Press Conference

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

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