Gold price is going sideways, as markets digest recent developments.
The gold futures contract was unchanged on Wednesday, Dec. 21, as it fluctuated within a relatively narrow trading range following its Tuesday’s advance of 1.5%. On Tuesday the market rallied on Bank of Japan’s monetary policy release. Last week on Tuesday gold price reached new local high of $1,836.90 and it was the highest since the end of June, but then it came back below the 1,800 level. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is still trading within a narrow price range, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.1% higher, as it is still trading above the $1,800 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.6% lower and palladium is 2.7% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 108.3. Today we will get the Final GDP, Unemployment Claims releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, December 22
- 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q, Unemployment Claims
- 10:00 a.m. U.S. - CB Leading Index m/m
Friday, December 23
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - New Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist