Gold price extends its declines as markets await data releases.
The gold futures contract lost 0.22% on Monday, December 16, as it fluctuated following its last week’s retreat. On Friday, gold continued retracing the recent advance after pulling back from $2,750 price level. Last Monday, the yellow metal broke above the recent trading range, and on Friday, it came back to that level again.
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 slightly extending its decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading along the $2,660 level. What about the other precious metals? Silver is 1.0% lower, platinum is 1.1% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today, we will get the Retail Sales number at 8:30 a.m., among others. The markets will be waiting for key FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 17
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 4:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Wednesday, December 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts, Current Account
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:15 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist