Gold price moves sideways following yesterday’s advance.
The gold futures contract gained 0.70% on Thursday, December 26, as it broke above its Monday - Tuesday trading range, nearing the $2,650 level. Last 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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading slightly below the $2,650 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.1% higher and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 219,000. Today, we will get the Goods Trade Balance and Preliminary Wholesale Inventories releases 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).
Friday, December 27
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
Monday, December 30
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 8:30 a.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist