Gold Below $1,800 Again

(July 22) Today gold is 0.5% lower, as it is trading along this week’s local lows. What about the other precious metals?

The gold futures contract lost 0.44% on Wednesday, as it extended its consolidation along $1,800 price level after retracing some of the recent rally. A week ago on Thursday, the market has reached a local high of $1,835. Since then it has been consolidating along the price level of $1,800. This morning gold is trading slightly below that level.

Today gold is 0.5% lower, as it is trading along this week’s local lows. What about the other precious metals? Silver is 0.9% lower, platinum is 0.2% higher and palladium is 0.9% higher. So precious metals’ prices are mixed this morning.

Yesterday we didn’t get any new important economic data announcements. Today the markets are waiting for the European Central Bank’s Monetary Policy Statement release at 7:45 a.m. We will also have the U.S. Unemployment Claims and Existing Home Sales releases, among others.

FX Empire