Gold price extends its short-term consolidation as markets await the U.S. PMI data.
The gold futures contract gained 0.59% on Thursday, Apr. 20 as it extended a short-term consolidation along the $2,000 level. 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 trading slightly below the $2,000 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower this morning as it is trading closer to the recent lows. What about the other precious metals? Silver is 0.6% lower, platinum is 0.6% higher and palladium is 1.2% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 245,000 and the Philly Fed Manufacturing Index release has been lower than expected at -31.3. Today we will get the important Flash Manufacturing PMI, Flash Services PMI releases at 9:45 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, April 24
- 4:00 a.m. Eurozone - German ifo Business Climate
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist