Gold extends its consolidation along $2,050 level as markets await more economic data.
The gold futures contract gained 2.38% on Thursday, December 14 as it rallied following the FOMC Statement release on Wednesday. Earlier in the week the market was extending its downtrend, and on Wednesday it reached the daily low of $1,987.90. Gold fluctuated following last week’s Monday’s extraordinary price action and a downward reversal from new all-time high price of $2,152.30. It traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning this week’s economic data. After the Fed’s release gold rallied back closer to $2,050 price level.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.
This morning gold is trading higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher as it is trading above $2,050 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.5% higher and palladium is 2.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 202,000, and the Retail Sales release has been higher than expected at +0.3% m/m. Today we will get the important Flash Manufacturing PMI and Flash Services PMI number at 9:45 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 15
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 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
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 12:25 p.m. Canada - BOC Governor Macklem Speech
Monday, December 18
- 4:00 a.m. Eurozone - German ifo Business Climate
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist