Gold price is below the $2,400 level again; Retail Sales data in focus.
The gold futures contract gained 0.06% on Friday, April 12, as it retraced its intraday record-breaking advance, closing virtually flat. The market reached a new all-time high of $2,448.80 due to Middle East tensions, strong U.S. dollar; however, it closed well below the $2,400 level after hours-long downward correction.
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 almost $400.
This morning gold is trading sideways, 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 below the $2,380 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.2% lower and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Michigan Sentiment release has been lower than expected at 77.9. Today, we will get the important Retail Sales 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).
Monday, April 15
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 8:00 p.m. U.S. - FOMC Member Daly Speech
- 10:00 p.m. China - Industrial Production y/y, GDP q/y, Retail Sales y/y
- All Day - IMF Meetings
Tuesday, April 16
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:00 a.m. U.S. - FOMC Member Jefferson Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 12:30 p.m. U.S. - FOMC Member Williams Speech
- 1:00 p.m. U.S. - FOMC Member Barkin Speech
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 1:15 p.m. U.S. - Fed Chair Powell Speech
- 1:15 p.m. Canada - BOC Governor Macklem Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist