Gold price extends its consolidation, as it’s still trading along $1,800.
The gold futures contract gained 0.69% on Friday, Dec. 16, as it continued to fluctuate within a short-term consolidation. On Thursday it lost 1.7% and it retraced its Tuesday’s rally following Central Banks’ monetary policy releases, stock markets’ declines. On Tuesday gold price reached new local high of $1,836.90. It was the highest since the end of June. This morning gold is slightly extending its Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.2% higher, as it is trading above the $1,800 level again. What about the other precious metals? Silver is 0.1% higher, platinum is 0.8% higher and palladium is 1.0% higher. So the main precious metals’ prices are slightly higher this morning.
Friday’s U.S. Flash Services PMI, Flash Manufacturing PMI releases have been lower than expected. Today we will get the NAHB Housing Market Index release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, December 19
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - NAHB Housing Market Index
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Tuesday, December 20
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
Paul Rejczak
Stock Trading Strategist