Daily Gold News: Friday, Apr. 8 – Gold Price Is Still Going Sideways

Gold Price Recap

The gold futures contract gained 0.76% on Thursday, Apr. 7., after its Wednesday’s decline of 0.2%, as it extended a short-term consolidation. The yellow metal’s price keeps fluctuating above the $1,900 level following its early March rally and the subsequent decline. This morning it is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is trading within a short-term consolidation, and it is still above the $1,900 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.1% lower and palladium is 3.0% higher. So the main precious metals’ prices are virtually flat this morning.

Gold Fundamental Analysis and economic news schedule

Yesterday’s Unemployment Claims release has been better than expected at 166,000. Today we will get the Final Wholesale Inventories release at 10:00 a.m. and it is expected at +2.1%.

The markets will continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today.

Friday, April 8

• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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