Daily Gold News: Friday, August 12 – Gold Price Consolidating After Inflation Data

Gold Price Recap

The gold futures contract lost 0.36% on Thursday, August 11, as it extended a short-term consolidation along the $1,800 price level. On Wednesday the market reached new local high of $1,824.60 following lower-than-expected Consumer Price Index release, but since then it was slowly retracing the recent advance. This morning gold is trading close to the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is still trading within a consolidation. What about the other precious metals? Silver is also 0.1% lower, platinum is 0.9% lower and palladium is 1.5% lower. So the main precious metals’ prices are virtually flat this morning.

Fundamentals and Economic News Schedule

Yesterday’s Producer Price Index release has been lower than expected at -0.5% vs. +0.2% m/m. Today we will get the Michigan Consumer Sentiment number release at 10:00 a.m.

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

Friday, August 12

• 2:00 a.m. U.K. – GDP m/m, Preliminary GDP q/q
• 8:30 a.m. U.S. – Import Prices m/m
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

Monday, August 15

• 8:30 a.m. U.S. – Empire State Manufacturing Index
• 10:00 a.m. U.S. – NAHB Housing Market Index
• 4:00 p.m. U.S. – TIC Long-Term Purchases
• 9:30 p.m. Australia – Monetary Policy Meeting Minutes
• All Day, Eurozone – French Bank Holiday, Italian Bank Holiday

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

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.