Gold extends a short-term consolidation; GDP data in focus.
The gold futures contract lost 0.16% on Wednesday, April 24, as it traded within a short-term consolidation following Monday’s sell-off of almost 3%. On Monday, the market extended its 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 continues to trade within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.1% higher, as it is trading along the $2,340 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.1% higher and palladium is 0.1% lower. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Durable Goods Orders release has been slightly higher than expected at +2.6% m/m. Today, we will get the important Advance GDP number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, April 26
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist