Gold extends a short-term consoldiation as it still trades above the $2,000 level.
The gold futures contract lost 0.61% on Wednesday, Apr. 19, as it retraced its Tuesday’s advance. Last week 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 hikes.
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 extending a consolidation along the $2,000 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning as it is trading above the $2,000 level. What about the other precious metals? Silver is 0.6% higher, platinum is unchanged and palladium is 0.1% lower. So the main precious metals’ prices are higher this morning.
Today we will get the Unemployment Claims and Philly Fed Manufacturing Index releases at 8:30 a.m., Existing Home Sales and CB Leading Index releases at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, April 20
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 11:30 a.m. Canada - BOC Governor Macklem Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
Friday, April 21
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 4:35 p.m. U.S. - FOMC Member Cook Speech
Paul Rejczak
Stock Trading Strategist