Gold is still trading sideways; more economic data in focus.
The gold futures contract lost 0.21% on Wednesday, December 20 as it continued to fluctuate along the $2,050 level. Gold went sideways after rallying in reaction to last Wednesday’s FOMC Statement release. Last week the market was extending its downtrend, and on Wednesday it reached the daily low of $1,987.90. The yellow metal 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 slightly lower 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 below $2,050. What about the other precious metals? Silver is 0.5% lower, platinum is 0.4% higher and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been much better than expected at 110.7. Today we will get the Final GDP number and Unemployment Claims releases at 8:30 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).
Thursday, December 21
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Philly Fed Manufacturing Index
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - CB Leading Index m/m
Friday, December 22
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, New Home Sales, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist