Gold is trading higher ahead of the important CPI release.
The gold futures contract gained 0.50% on Wednesday, July 10, as it extended a consolidation following last week’s breakout above the $2,350 level. On Monday, gold retraced its last Friday’s advance, rebounding from the $2,400 level on the incoming data uncertainty, rallying stock prices. Last week, the yellow metal broke above the recent trading range, reaching a local high of $2,401.50 on Friday. Before the rebound, it was declining towards the early June lows. Overall, gold is still fluctuating within a consolidation following a retreat from its May 20 record high of $2,454.20.
This morning, gold is extending its short-term advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading closer to the $2,390 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.6% lower and palladium is 0.8% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. There will likely be an increased volatility following this announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, July 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 11:30 a.m. U.S. - FOMC Member Bostic Speech
- 1:00 p.m. U.S. - FOMC Member Musalem Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Friday, July 12
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist