Gold continues its short-term consolidation as market volatility declines ahead of year-end.
The gold futures contract lost 0.83% on Friday, December 27, as it retraced its Thursday’s advance, extending a short-term consolidation. On the previous Friday, the market rebounded from its post-Fed local lows of around $2,600, and last Thursday, it traded around the $2,650 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.
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 unchanged, as it is trading along the $2,630 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.1% lower and palladium is 0.1% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Chicago PMI release at 9:45 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).
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
Tuesday, December 31
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- All Day, Eurozone - German Bank Holiday
- All Day, Japan - Bank Holiday
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist