Daily Gold News: Apr. 18 – Gold Price Extends Its Consolidation

Gold continues to trade above the $2,000 level amid weaker U.S. dollar, earnings releases.

The gold futures contract lost 0.44% on Monday, Apr. 17 as it extended its Friday’s decline of 1.9%. The market retraced all of the last week’s advance. 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 has been 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 slightly above the $2,000 price level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: Apr. 18 – Gold Price Extends Its Consolidation - Image 1

The gold price is 0.4% higher this morning as it is retracing yesterday’s decline on weakening U.S. dollar, among other factors. What about the other precious metals? Silver is 0.3% higher, platinum is 2.1% higher and palladium is 4.4% higher. So the main precious metals’ prices are slightly higher this morning.

Yesterday’s Empire State Manufacturing Index release has been higher than expected at 10.8. Today we will get the Building Permits and Housing Starts 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).

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

Wednesday, April 19

  • 2:00 p.m. U.S. - Beige Book
  • 7:00 p.m. U.S. - FOMC Member Williams Speech

Paul Rejczak
Stock Trading Strategist