Daily Gold News: Friday, July 16 – Gold’s Downward Correction

The gold futures contract gained 0.22% on Thursday, as it extended its uptrend following breaking above a consolidation along $1,800 price level. The market has retraced some more of its June’s $100 decline. This morning gold is retracing some of Wednesday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.6% lower, as it is trading along yesterday’s daily low. What about the other precious metals? Silver is 1.1% lower, platinum is 0.8 % lower and palladium is 1.3% lower. So precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 360,000. The Industrial Production has also been worse than expected at +0.4% vs. the previous increase of 0.7%.

Today we will get the important Retail Sales release at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, July 16

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
  • 4:00 p.m. U.S. – TIC Long-Term Purchases

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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