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Gold Prices Decline


Gold and silver were moderately lower overnight, but they stayed inside Thursday’s ranges. Chinese retail sales and industrial output data were disappointing, especially retail sales, which fell 1.1% in July versus expectations for a 0.1% increase. Gold and silver “rejected” their lows on Wednesday and followed through with further gains on Thursday in a manner that suggests they are ready to consolidate and possibly make a run at the recent highs. 


One bright spot from the Chinese economic data overnight was a 12.3% surge in auto sales, which follows an 8.2% decline in June. The palladium market didn’t seem to react, as it responded by trending weaker overnight. December palladium is consolidating in a range between $2,411.40 and $2,090, with trendline resistance coming in at $2,339 and support at $2,132.3 on Friday. October platinum is also finding support, and a series of higher highs and higher lows indicate the uptrend off the March low is intact.


Copper regained upside momentum this morning following Thursday’s abrupt change in fortune that took prices down to the lower portion of its recent consolidation zone before posting a very heavy loss. LME copper stocks saw another daily decline (42 out of the last 43 sessions), and they are approaching a multi-decade low.

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