Gold is extending a consolidation; economic data in focus.
The gold futures contract gained 1.49% on Monday, April 28, as it extended its fluctuations following its last week’s pullback from a new record high of $3,509.90. Recently, gold kept advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. In early April, it pulled back from its previous high, trading as low as $2,970.40.
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 late October high, reaching a local low of $2,541.50.
This morning, gold is further extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% lower, as it is trading along the $3,320 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.1% higher and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the JOLTS Job Openings and CB Consumer Confidence releases at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - JOLTS Job Openings, CB Consumer Confidence
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Wednesday, April 30
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q, Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Germany - German Preliminary CPI m/m
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist