The gold futures contract lost 1.05% on Friday, as it fluctuated following Wednesday's-Thursday's bounce from the local low of $1,874.20. The market has retraced some of the recent 10.3% decline off new record high of $2,089.20. Gold reversed sharply lower following previous Friday's Nonfarm Payrolls release, among other factors. The bounce looks like an upward correction, as we can see on the daily chart:
Gold is 0.5% higher this morning, as it is extending a short-term consolidation. What about the other precious metals? Silver lost 5.88% on Friday and today it is 1.7% higher. Platinum lost 2.43% and today it is 1.7% higher. Palladium lost 3.29% on Friday and today it's 2.4% higher. So precious metals are gaining this morning.
Friday's weekly U.S. Retail Sales release has been slightly worse than expected at +1.2%. But the Core Retail Sales number was at +1.9%. The Industrial Production, Consumer Sentiment and Business inventories have been as expected.
Today we will get the Empire State Manufacturing Index at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, August 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 10:00 a.m. U.S. - NAHB Housing Market Index
Tuesday, August 18
- 8:30 a.m. U.S. - Building Permits, Housing Starts
Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.
Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
