Gold keeps fluctuating following last week’s Fed release.
The gold futures contract gained 1.42% on Friday, December 20, as it retraced its Thursday’s decline of 1.7%. Gold fluctuated along its new local lows following last Wednesday’s Fed, stock market sell-off and strengthening U.S. dollar. On the previous Friday, gold continued retracing the recent advance after pulling back from $2,750 price level.
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 pulling back, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading along the $2,630 level. What about the other precious metals? Silver is 0.7% higher, platinum is 1.1% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
The Core PCE Price Index release on Friday has been lower than expected at +0.1% month-over-month. Today, we will get the CB Consumer Confidence number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 23
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - CB Consumer Confidence
Tuesday, December 24
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - New Home Sales, Richmond Manufacturing Index
- Tentative, Japan - BOJ Governor Ueda Speech
- All Day, Eurozone - German Bank Holiday
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist