Daily Gold News: December 12 - Gold Price Bouncing

Gold trades along $2,000 ahead of the important inflation data.

The gold futures contract lost 1.03% on Monday, December 11 as it further extended the downtrend following last week’s Monday’s extraordinary price action and downward reversal from new all-time high price of $2,152.30. Yesterday gold traded as low as $1,991.20 on stronger U.S. dollar, uncertainty concerning this week’s economic data.

On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.

This morning gold is retracing some of its yesterday’s decline as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 12 - Gold Price Bouncing - Image 1

The gold price is 0.5% higher as it is trading back above $2,000 level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.3% higher and palladium is 1.7% higher. So the main precious metals’ prices are higher this morning.

Yesterday we didn’t get any new important economic data, and today markets will be waiting for the important Consumer Price Index to be released at 8:30 a.m. There may be an increase in volatility following that data. Tomorrow we will get the PPI number and the FOMC Rate Decision.

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

Tuesday, December 12

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • 2:00 p.m. U.S. - Federal Budget Balance

Wednesday, December 13

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
  • 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
  • 2:30 p.m. U.S. - FOMC Press Conference
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist