Gold price gets closer to the $1,800 level again, as it extends its month-long consolidation.
The gold futures contract gained 1.05% on Tuesday, Dec. 27, as it continued to fluctuate within a month-long trading range. However, gold reached new medium-term local high of $1,841.90 yesterday, and it was the highest since late June. Last week on Tuesday it rallied on Bank of Japan’s monetary policy release, but then the market came back slightly below the 1,800 level again. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is retracing its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.6% lower, as it is trading closer to the $1,800 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.7% higher and palladium is 1.2% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Preliminary Wholesale Inventories release has been higher than expected at +1.0% m/m. Today we will get Pending Home Sales m/m, Richmond Manufacturing 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.
Wednesday, December 28
- 10:00 a.m. U.S. - Pending Home Sales m/m, Richmond Manufacturing Index
Thursday, December 29
- 8:30 a.m. U.S. - Unemployment Claims
Paul Rejczak
Stock Trading Strategist