Daily Gold News: Thursday, August 19 – Gold Going Sideways Despite Stocks’ Sell-off

The gold futures contract lost 0.19% on Wednesday, as it continued to fluctuate following the recent advances. The market extended its short-term uptrend from last Monday’s local low of 1,675.90 and it got close to $1,800 price level. Gold has retraced more of its previous Friday’s-Monday’s sell-off. This morning gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% higher, as it is trading slightly below $1,800 price level. What about the other precious metals? Silver is 0.5% lower, platinum is 2.7% lower and palladium is 2.5% higher. So precious metals’ prices are mixed this morning.

Yesterday’s FOMC Meeting Minutes release led to stock market’s sell-off, but gold remained within a consolidation. Today we will get the Philly Fed Manufacturing Index, Unemployment Claims and CB Leading Index releases.

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

Thursday, August 19

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 10:00 a.m. U.S. – CB Leading Index m/m

Friday, August 20

  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m

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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