Gold continues to trade along the $2,000 level as markets await further economic data.
The gold futures contract lost 1.42% on Friday, Apr. 21 as it went below the $2,000 price level again. The market extended a short-term consolidation following its recent retreat from the April 13 local high of $2,063.40. In early April gold kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hikes.
In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading along the $2,000 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it is trading along to the recent lows. What about the other precious metals? Silver is 0.2% lower, platinum is 2.0% lower and palladium is 1.2% lower. So the main precious metals’ prices are virtually flat this morning.
Friday’s Flash Manufacturing PMI, Flash Services PMI releases have been better than expected. Today we won’t get any new important economic data releases. The market will be waiting for tomorrow’s important CB Consumer Confidence release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 24
- 4:00 a.m. Eurozone - German ifo Business Climate
- All Day, Australia - Bank Holiday
Tuesday, April 25
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
Paul Rejczak
Stock Trading Strategist