Daily Gold News: Apr. 26 – Gold Price Is Still Going Sideways
Gold remains close to the $2,000 level; the market extends its consolidation.
The gold futures contract gained 0.24% on Tuesday, Apr. 25 as it further extended a short-term consolidation along the $2,000 price level. Recently the yellow metal retreated from its April 13 local high of $2,063.40. In early April it 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 gold 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 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is still trading sideways. What about the other precious metals? Silver is 0.3% lower, platinum is 1.4% higher and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 101.3 and the New Home Sales number has been higher than expected at 683,000. Today we will get the Durable Goods Orders 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).
Wednesday, April 26
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
Thursday, April 27
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- Tentative, Japan - BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
Stock Trading Strategist