Gold remains close to $2,075 following Friday’s advance.
The gold futures contract gained 0.87% on Friday, December 22, as it broke above the recent trading range in a reaction to weakening U.S. dollar, among other factors. Last week the market went sideways following the previous Wednesday’s FOMC Statement release. The yellow metal fluctuated following the December 4 extraordinary price action and a downward reversal from new all-time high price of $2,152.30. Then, it traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning economic data. After the Fed’s release gold rallied back to $2,050 price level.
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 slightly above its Friday’s closing price 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 close to $2,075. What about the other precious metals? Silver is 0.4% higher, platinum is 0.2% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.
Friday’s important Core PCE Price Index release has been lower than expected at +0.1% m/m. Today we will get the HPI and S&P/CS Composite-20 HPI releases at 9:00 a.m. There will likely be low activity due to a holiday season.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 26
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- All Day, Eurozone - German Bank Holiday, Italian Bank Holiday
- All Day, Canada - Bank Holiday
- All Day, U.K. - Bank Holiday
Wednesday, December 27
- 10:00 a.m. U.S. - Richmond Manufacturing Index
Paul Rejczak
Stock Trading Strategist