Gold remains within a short-term consolidation following last Friday’s volatility.
The gold futures contract lost 0.81% on Wednesday, April 17, as it continued its consolidation following last Friday’s volatility. On Friday, gold reached a new record high of $2,448.80 before retracing the advance and closing virtually flat. It reacted to Middle East uncertainty, strong U.S. dollar. Yesterday, the yellow metal remained close to the $2,400 level.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $400.
This morning gold is rebounding after a lower opening, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.4% higher, as it is trading slightly below the $2,400 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.1% lower and palladium is 0.1% higher. So, the main precious metals’ prices are higher again this morning.
Today, we will get the Unemployment Claims and Philly Fed Manufacturing Index releases at 8:30 a.m., and the Existing Home Sales and CB Leading Index 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 18
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 9:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 11:00 a.m. U.S. - FOMC Member Bostic Speech
- 5:45 p.m. U.S. - FOMC Member Bostic Speech
- All Day - IMF Meetings
Friday, April 19
- 2:00 a.m. U.K. - Retail Sales m/m
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist