Gold price remains close to Thursday’s local high, as the USD further weakens.
The gold futures contract gained 0.03% on Tuesday, December 26, as it continued sideways following last Thursday’s breakout above the recent trading range. On Thursday gold advanced on 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 closer to its Thursday’s local high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher as it is trading along $2,080. What about the other precious metals? Silver is 0.2% lower, platinum is 0.1% lower and palladium is 0.7% higher. So the main precious metals’ prices are mixed this morning.
Today we will get the Richmond Manufacturing Index release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, December 27
- 10:00 a.m. U.S. - Richmond Manufacturing Index
Thursday, December 28
- 8:30 a.m. U.S. - Unemployment Claims, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
Paul Rejczak
Stock Trading Strategist