Daily Gold News: April 23 – Gold Keeps Selling Off
Gold price is extending declines, getting closer to $2,300 level.
The gold futures contract lost 2.79% on Monday, April 22, as it sold off following Friday’s downward reversal after breaking above the last week’s 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. Last 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 extending its short-term decline, breaking the early April lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 1.3% lower, as it is trading below the $2,320 level. What about the other precious metals? Silver is 1.1% lower, platinum is 1.4% lower and palladium is 1.2% lower. So, the main precious metals’ prices are lower this morning.
Today, the markets will be waiting for the U.S. PMI numbers release at 9:45 a.m., followed by New Home Sales and Richmond Manufacturing Index at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, April 24
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist