Gold is trading sideways as markets digest last week’s key data.
The gold futures contract lost 0.45% on Friday, December 15 as it retraced some of its recent advances following last Wednesday’s FOMC Statement release. Earlier the market was extending its downtrend, and on Wednesday it reached the daily low of $1,987.90. Gold fluctuated following the previous 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 along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading below $2,040 level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.9% higher and palladium is 1.3% higher. So the main precious metals’ prices are slightly higher this morning.
Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. The first one was lower than expected and the second was higher than expected. Today we will get the NAHB Housing Market Index release at 10:00 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).
Monday, December 18
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Tuesday, December 19
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist