Gold price retraced its recent advances; markets await Fed release on Wednesday.
The gold futures contract lost 1.24% on Friday, December 13, as it extended its Thursday’s decline of 1.7$. Gold continued retracing its recent advance after pulling back from the $2,750 price level. Last Monday, the yellow metal broke above the recent trading range, and on Friday, it came back to that level again.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading below the $2,700 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.1% lower and palladium is 0.8% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Flash Manufacturing PMI and Flash Services PMI number at 9:45 a.m. The markets will be waiting for key FOMC release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 16
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI, ECB President Lagarde Speech
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 3:35 a.m. Eurozone - ECB President Lagarde Speech
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 3:20 p.m. Canada - BOC Governor Macklem Speech
Tuesday, December 17
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 4:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Paul Rejczak
Stock Trading Strategist