Daily Gold News: Apr. 17 - Gold Fluctuates Following Recent Rally

Gold price trades within a two-week-long consolidation as it remains above the $2,000 level.

The gold futures contract lost 1.92% on Friday, Apr. 14 as it retraced its Thursday’s rally of 1.5%. On Thursday gold reached new medium-term high of $2,063.40 and it was the highest since March of 2022. Friday’s sell-off was caused by a weaker-than-expected Retail Sales number release, among other factors. Recently gold kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.

In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: Apr. 17 - Gold Fluctuates Following Recent Rally - Image 1

The gold price is 0.2% higher this morning as it is trading along the $2,020 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.3% higher and palladium is 0.8% lower. So the main precious metals’ prices are slightly higher this morning.

Friday’s Retail Sales release has been lower than expected at -1.0% m/m vs. the expected -0.4%. Today we will get the Empire State Manufacturing Index release at 8:30 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, April 17

  • 8:30 a.m. U.S. - Empire State Manufacturing Index
  • 10:00 a.m. U.S. - NAHB Housing Market Index
  • 9:30 p.m. Australia - Monetary Policy Meeting Minutes
  • 10:00 p.m. China - GDP q/y

Tuesday, April 18

  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
  • Core CPI m/m
  • 11:00 a.m. Canada - BOC Governor Macklem Speech
  • 1:00 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist