Gold is selling off again, breaking below $2,400 on stronger U.S. dollar.
The gold futures contract gained 0.66% on Friday, April 19, as it broke above the recent trading range along the $2,400 level. On previous Friday, gold reached a new record high of $2,448.80 before retracing the advance. It reacted to Middle East uncertainty, strong U.S. dollar. On Friday, the yellow metal reached a local high of $2,433.30 in a reaction stock market’s sell-off.
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 Friday’s advance, breaking the recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 2.1% lower, as it is trading along the $2,360 level. What about the other precious metals? Silver is 4.3% lower, platinum is 1.2% lower and palladium is 1.9% lower. So, the main precious metals’ prices are much lower this morning.
Today, we won’t get any new important economic data; the markets will be waiting for tomorrow’s PMI numbers releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 22
- 11:30 a.m. Eurozone - ECB President Lagarde Speech
Tuesday, April 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - 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