Gold traded near the $2,300 level; markets await more economic data.
The gold futures contract lost 0.18% on Tuesday, April 23, as it fluctuated following its Monday’s sell-off of 2.8%. On Monday, the market sold off following Friday’s downward reversal after breaking above the last week’s trading range along the $2,400 level. Yesterday, it reached a local low of $2,304.60. 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 retracing some of yesterday’s intraday rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.6% lower, as it is trading along the $2,330 level. What about the other precious metals? Silver is 0.8% lower, platinum is unchanged and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday, the U.S. PMI numbers have been both lower than expected. Today, we will get the Durable Goods Orders release at 8:30 a.m. The markets will be waiting for the important Advance GDP number release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, April 25
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
Paul Rejczak
Stock Trading Strategist