Daily Gold News: Dec. 29 – Gold Price Keeps Going Sideways

Gold extends its month-long fluctuations above the $1,800 level.

The gold futures contract lost 0.40% on Wednesday, Dec. 28, as it further extended its month-long consolidation along the $1,800 level. On Tuesday gold price reached new medium-term local high of $1,841.90, 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 trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.1% higher, as it is still trading slightly above the $1,800 level. What about the other precious metals? Silver is 1.7% higher, platinum is 0.8% higher and palladium is 1.4% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Pending Home Sales release has been lower than expected at -4.0% m/m and the Richmond Manufacturing Index release has been higher than expected at 1. Today we will get the Unemployment Claims number release at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Thursday, December 29

  • 8:30 a.m. U.S. - Unemployment Claims

Friday, December 30

  • 9:45 a.m. U.S. - Chicago PMI

Paul Rejczak
Stock Trading Strategist