Gold price keeps moving sideways ahead of the FOMC interest rate decision.
The gold futures contract lost 0.30% on Tuesday, December 17, as it extended a consolidation following last week’s retreat. Last 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 moving sideways ahead of the Fed decision later in the day, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,660 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s Retail Sales has been higher than expected at +0.7% month-over-month. Today, we will get the FOMC Rate Decision at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, December 19
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 8:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist