Gold is going sideways ahead of the important CPI number release.
The gold futures contract gained 0.48% on Tuesday, April 9, as it slightly extended its uptrend yet again, reaching a new record high of $2,384.50. The market keeps rallying despite currencies uncertainty and today’s consumer inflation data.
Recently, gold fluctuated following a rally that started in late March after breaking above a short-term consolidation, and last Friday, it broke higher again.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $300.
This morning gold is trading sideways ahead of the CPI data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.1% higher, as it is trading above the $2,360 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.3% higher and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
The markets will be awaiting the important Consumer Price Index at 8:30 a.m. It is likely to lead to an increased volatility. Today, we will also get the FOMC Meeting Minutes release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes, Federal Budget Balance
Thursday, April 11
- 8:15 a.m. U.S. - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist