Daily Gold News: Thursday, Dec. 23 – Gold is Closer to Local Highs Again

The gold futures contract gained 0.75% on Wednesday, as it retraced its recent declines and it got back to the $1,800 level again. The market keeps extending its consolidation along that price level. Gold began trading sideways in the second half of November following a decline from the November 16 local high of $1,879.50. Last week it fell to the local low of $1,753. This morning gold is trading along the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% higher this morning, as it is trading along yesterday’s closing price. What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% higher and palladium is 0.1% lower. So precious metals’ prices are slightly higher this morning.

Yesterday’s Final GDP and the CB Consumer Confidence releases have been better than expected. Today the markets will be waiting for the important Core PCE Price Index release, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, December 23

• 8:30 a.m. U.S. – Core PCE Price Index m/m, Core Durable Goods Orders m/m, Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m, Unemployment Claims
• 8:30 a.m. Canada – GDP m/m
• 10:00 a.m. U.S. – New Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Friday, December 24

• All Day, U.S. – Bank Holiday
• All Day, Eurozone – German Bank Holiday

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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