The gold futures contract gained 1.10% on Thursday, as it retraced more of the short-term decline from last Friday's high of $2,089.20. The market fell 10.3% off that new price record. Gold reversed sharply lower following last week's Nonfarm Payrolls release, among other factors. Wednesday's-Thursday's bounce looks like an upward correction, as we can see on the daily chart:
Gold is 0.3% lower this morning, as it continues to trade along $1,950 price level. What about the other precious metals? Silver gained 6.69% on Thursday and today it is 2.6% lower. Platinum gained 2.48% and today it is 0.7% lower. Palladium gained 2.24% on Thursday and today it's 0.2% higher. So precious metals are mixed this morning.
Yesterday's weekly U.S. Unemployment Claims release has been better than expected at less than one million. Today we will get the important Retail Sales release. We will also get the Industrial Production number at 9:15 a.m., then the Consumer Sentiment and Business inventories at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, August 14
- 5:00 a.m. Eurozone - Flash GDP q/q, Flash Employment Change q/q, Trade Balance
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Preliminary Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Business Inventories m/m, Preliminary UoM Inflation Expectations
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
