Gold rallied on Middle East news, before retracing below $2,400 again.
The gold futures contract gained 0.40% on Thursday, April 18, as it further extended its short-term fluctuations following last Friday’s volatility. Last week 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 continued to trade along the $2,400 level.
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 retracing its overnight advance caused by the Middle East conflict escalation, 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 below the $2,400 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.9% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 212,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 19
- 2:00 a.m. U.K. - Retail Sales m/m
- All Day - IMF Meetings
Monday, April 22
- No important economic data
Paul Rejczak
Stock Trading Strategist