Gold price goes sideways ahead of the important data releases on Tuesday and Wednesday.
The gold futures contract gained 0.51% on Friday, Dec. 9, as it slightly extended its short-term uptrend. Last week on Monday gold sold off after better than expected economic data, but then it went sideways despite strengtheing U.S. dollar and accompanying stock market’s sell-off. Since then it has been slowly retracing the decline. This morning gold continues to trade above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.2% lower, as it is going sideways ahead of Tuesday’s-Wednesday’s important data releases. What about the other precious metals? Silver is 0.2% lower, platinum is 1.1% lower and palladium is 1.0% lower. So the main precious metals’ prices are slightly lower again this morning.
Friday’s Producer Price Index release has been higher than expected at +0.3% m/m. The markets will be waiting for the important Tuesday’s Consumer Price Index, and Wednesday’s FOMC releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, December 12
- 2:00 a.m. U.K. - GDP m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 3:25 p.m. Canada - BOC Governor Macklem Speech
Tuesday, December 13
- 6:00 a.m. U.S. - NFIB Small Business Index
- 6:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 30-y Bond Auction
- 5:30 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist