Gold price is retracing its Tuesday’s rally following yesterday’s FOMC release.
The gold futures contract lost 0.37% pon Wednesday, Dec. 14, as it fluctuated following Tuesday’s rally of 1.9%. The market reacted to the FOMC interest rate hike release yesterday. On Tuesday it reached new local high of $1,836.90, and it was the highest since the end of June. 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. This morning gold is retracing its Tuesday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 1.7% lower, as it is trading below the $1,800 level. What about the other precious metals? Silver is 3.5% lower, platinum is 1.3% lower and palladium is 2.0% lower. So the main precious metals’ prices are lower this morning.
Today the markets will be waiting for the important Retail Sales release at 8:30 a.m. We will also get the ECB Monetary Policy Statement, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Unemployment Claims, Industrial Production and Business Inventories releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, December 15
- 7:00 a.m. U.K. - Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
- 8:15 a.m. Eurozone - Monetary Policy Statement, Main Refinancing Rate
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Friday, December 16
- 3:15 a.m. Eurozone - French Flash Services PMI, French Flash Manufacturing PMI
- 3:30 a.m. Eurozone - German Flash Services PMI, German Flash Manufacturing PMI
- 4:30 a.m. U.K. - Flash Services PMI, Flash Manufacturing PMI
- 9:45 a.m. U.S. - Flash Services PMI, Flash Manufacturing PMI
Paul Rejczak
Stock Trading Strategist