Gold price remains close to $2,350; markets await Wednesday’s Fed.
The gold futures contract gained 0.20% on Friday, April 26, as it further extended a short-term consolidation following last Monday’s 3% sell-off. Gold was selling off from a new record high of $2,448.80 reached on April 12. On the previous Friday, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.
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 still trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.2% higher, as it is trading along the $2,350 level. What about the other precious metals? Silver is 1.4% higher, platinum is 1.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Core PCE Price Index release has been as expected at +0.3%. Today, we won’t get any new important economic data. The markets will be waiting for the Wednesday’s FOMC Rate Decision release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 29
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Tuesday, April 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist