Gold is retracing recent advances after a series of economic data.
The gold futures contract lost 1.72% on Thursday, December 12, as it retraced its recent advance after pulling back from the $2,750 price level. On Monday, gold broke above the recent trading range. The market reached the $2,760 price level. Last week, it continued to fluctuate following its late November rebound.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is extending its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% lower, as it is trading below the $2,700 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.5% higher and palladium is 0.1% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.4% month-over-month. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
Monday, December 16
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI, ECB President Lagarde Speech
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 3:35 a.m. Eurozone - ECB President Lagarde Speech
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 3:20 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist