Daily Gold News: December 13 – Gold Trades Sideways

Gold price remains close to $2,000 as markets await important Fed’s release.

The gold futures contract lost 0.03% on Tuesday, December 12 as it fluctuated following its recent declines. On Friday the market has further extended the downtrend after last week’s Monday’s extraordinary price action and a downward reversal from new all-time high price of $2,152.30. On Monday and Tuesday gold traded below $2,000 mark 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 trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 13 – Gold Trades Sideways - Image 1

The gold price is 0.2% higher as it is trading slightly below $2,000. What about the other precious metals? Silver is 0.1% lower, platinum is 1.3% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Consumer Price Index has been slightly higher than expected at +0.1% m/m. Today we will get the PPI number at 8:30 a.m. and the important FOMC Rate Decision at 2:00 p.m.

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

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

Thursday, December 14

  • 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - Business Inventories m/m
  • 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y

Paul Rejczak
Stock Trading Strategist