Gold continues to fluctuate following recent pullback, gaining ahead of key data releases.
The gold futures contract gained 0.18% on Thursday, April 25, as it continued to fluctuate within a short-term consolidation following Monday’s 3% sell-off. On Monday, the market extended its last Friday’s downward reversal after breaking 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. 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 higher ahead of the Core PCE Price Index data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.7% higher, as it is trading above the $2,350 level. What about the other precious metals? Silver is 0.9% higher, platinum is unchanged and palladium is 1.5% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Advance GDP release has been much lower than expected at +1.6% q/q. Today, we will get the important Core PCE Price Index data 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).
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
Monday, April 29
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist