Gold price went closer to the $1,900 level ahead of the important CPI release tomorrow.
The gold futures contract lost 0.07% on Tuesday, Jan. 10, as it fluctuated within a short-term consolidation following the recent advances. The market went closer to the $1,900 price level after Friday’s better-than-expected monthly jobs data release. Last week on Wednesday it traded as low as $1,830 and today it reached new medium-term high above the $1,890 level. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is trading along its recent local highs, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.3% higher, as it is trading above the $1,880 level. What about the other precious metals? Silver is 1.2% higher, platinum is 1.3% higher and palladium is 0.5% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Wholesale Inventories release has been as expected at +1.0% m/m. Today we won’t get any new important economic data releases. The markets will be waiting for tomorrow’s important Consumer Price Index release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, January 11
- 1:01 p.m. U.S. - 10-y Bond Auction
Thursday, January 12
- 7:30 a.m. U.S. - FOMC Member Harker Speech
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist