Gold price extends a short-term consolidation as uncertainty follows Friday’s intraday rout.
The gold futures contract gained 1.04% on Tuesday, April 16, as it retraced more of its Friday’s intraday retreat. On Friday, gold reached a new record high of $2,448.80 before retracing the advance and closing virtually flat. It reacted to Middle East uncertainty, strong U.S. dollar. Yesterday, the yellow metal rebounded to $2,414.80.
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 $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 0.2% lower, as it is trading slightly above the $2,400 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.1% lower and palladium is 0.8% higher. So, the main precious metals’ prices are mixed again this morning.
Yesterday’s Building Permits and Housing Starts releases have been both lower than expected. Today, we will get the Beige Book release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 17
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 12:00 p.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Beige Book
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 5:30 p.m. U.S. - FOMC Member Mester Speech
- 6:30 p.m. U.S. - FOMC Member Bowman Speech
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day - IMF Meetings
Thursday, April 18
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 9:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 11:00 a.m. U.S. - FOMC Member Bostic Speech
- 5:45 p.m. U.S. - FOMC Member Bostic Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist