Daily Gold News: Tuesday, Dec. 22 – Gold Going Sideways

The gold futures contract lost 0.32% on Monday, as it continued to fluctuate following last Thursday’s advance. In late November the market has reached a new low after breaking below the local lows along $1,850 price level. On Thursday gold broke above the previous local high following Wednesday’s FOMC release and then it reached its mid-November local high, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.2% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver gained 1.33% on Monday and today it is 1.0% lower. Platinum lost 2.59% and today it is 0.5% higher. Palladium lost 2.34% yesterday and today it’s 0.3% higher. So precious metals are mixed this morning .

Today we will he U.S. Final GDP q/q release at 8:30 a.m. and the Consumer Confidence number at 10:00 a.m., among others.

Gold price broke above its previous local high after last week’s Wednesday’s FOMC Statement announcement. The market followed the average historical path , as we can see on the next chart.

The chart shows average gold price path before and after the FOMC releases for the past 47 months and 32 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.45% higher 10 days after the FOMC Statement announcement.

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

Tuesday, December 22

• 8:30 a.m. U.S. – Final GDP q/q , Final GDP Price Index q/q
• 10:00 a.m. U.S. – CB Consumer Confidence, Existing Home Sales, Richmond Manufacturing Index

Wednesday, December 23

• 8:30 a.m. U.S. – Unemployment Claims, Personal Income m/m, Personal Spending m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Core PCE Price Index m/m
• 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

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

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

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