Home Gold Price August 13 – Gold’s Upward Reversal or Just Correction Before Another Leg...

August 13 – Gold’s Upward Reversal or Just Correction Before Another Leg Down?


The gold futures contract has extended its sell-off yesterday before bouncing from new short-term low of $1,874.20 and retracing some of the decline. The market fell 10.3% off its last Friday’s new record high price level of $2,089.20. Gold reversed sharply lower following Friday’s Nonfarm Payrolls release, among other factors. For now, yesterday’s bounce looks like an upward correction, as we can see on the daily chart:Gold is 1.2% higher this morning, as it is trading along $1,950 price level. What about the other precious metals? Silver lost 0.27% on Wednesday and today it is 4.2% higher. Platinum lost 1.26% and today it is 2.6% higher. Palladium lost 0.31% on Wednesday and today it’s 1.0% higher. So precious metals are retracing some more of their recent decline this morning.Yesterday’s U.S. Consumer Price Index release has been bigger than expected at +0.6%. Just like Tuesday’s Producer’s inflation gauge. Today we will get the Unemployment Claims number at 8:30 a.m. And the markets will be waiting for tomorrow’s Retail Sales release.Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:Thursday, August 138:30 a.m. U.S. – Unemployment Claims, Import Prices m/m1:01 p.m. U.S. – 30-y Bond Auction7:30 p.m. Australia – RBA Governor Lowe Speech10:00 p.m. China – Fixed Asset Investment ytd/y, Industrial Production y/y, Retail Sales y/y, Unemployment RateFriday, August 145:00 a.m. Eurozone – Flash GDP q/q, Flash Employment Change q/q, Trade Balance8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Preliminary Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Business Inventories m/m, Preliminary UoM Inflation ExpectationsThank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!For a look at all of today’s economic events, check out our economic calendar.Paul RejczakStock Selection StrategistSunshine Profits: Analysis. Care. Profits.* * * * *DisclaimerAll 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. This article was originally posted on FX EmpireMore From FXEMPIRE:

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