Gold is still trading sideways as stock markets extend their rally.
The gold futures contract gained 0.24% on Monday, December 18 as it went sideways following last Wednesday’s FOMC Statement release. Early last week 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 yesterday’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 along $2,040 level again. What about the other precious metals? Silver is 0.6% higher, platinum is 0.4% lower and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s NAHB Housing Market Index release has been slightly higher than expected at 37. Today we will get the Building Permits and Housing Starts numbers at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, December 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Current Account
- 10:00 a.m. U.S. - CB Consumer Confidence, Existing Home Sales
Paul Rejczak
Stock Trading Strategist