Gold price trades sideways ahead of the important consumer inflation data.
The gold futures contract lost 0.62% on Tuesday, September 12 as it broke below its recent local lows. On Monday it was still trading along the $1,940 level and yesterday it went lower on strengthening U.S. dollar, among other factors. In late August gold was rallying amidst reduced pressure for the further monetary policy tightening. On Friday Septemeber 1 it reached $1,980 and yesterday it traded as low as $1,930.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading 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 slightly above the $1,930 level. What about the other precious metals? Silver is 0.8% lower platinum is 1.2% lower and palladium is 0.3% lower. So the main precious metals’ prices are mixed this morning.
The markets are waiting for the important U.S. Consumer Price Index release at 8:30 a.m. There will likely be an increased volatility following the data announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 13
- 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
- 1:01 p.m. U.S. - 30-y Bond Auction
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, September 14
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist