Gold is moving sideways after rebounding on Friday; employment data in focus.
The gold futures contract gained 0.28% on Tuesday, December 24, as it fluctuated within a relatively tight trading range amid the holiday pause. On Friday, the market rebounded from its last week’s post-Fed local lows.
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.
This morning, gold is moving closer to its Friday’s high, 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 the $2,640 level. What about the other precious metals? Silver is also 0.1% higher, platinum is 0.7% lower and palladium is 0.8% lower. So, the main precious metals’ prices are slightly higher this morning.
The CB Consumer Confidence release on Monday has been lower than expected at 104.7. Today, we will get the Unemployment Claims number 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).
Thursday, December 26
- 8:30 a.m. U.S. - Unemployment Claims
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, Canada - Bank Holiday
- All Day, Eurozone - German Bank Holiday, Italian Bank Holiday
- All Day, U.K. - Bank Holiday
Friday, December 27
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
Paul Rejczak
Stock Trading Strategist