Gold is moving sideways following its recent decline; markets await inflation data.
The gold futures contract lost 1.70% on Thursday, December 19, as it declined in a reaction to Wednesday’s Fed, stock martket sell-off and strengthening U.S. dollar. Last Friday, gold continued retracing the recent advance after pulling back from $2,750 price level.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is basically moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,620 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.7% higher and palladium is 0.9% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Final GDP has been higher than expected at +3.1% q/q. Today, we will get the Core PCE Price Index release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 20
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Monday, December 23
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - CB Consumer Confidence
Paul Rejczak
Stock Trading Strategist