Gold price extended its uptrend once again, but it’s retreating from $1,950.
The gold futures contract gained 0.37% on Wednesday, Jan. 25, as it slightly extended its uptrend once again. Recently the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. In early January it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold is trading lower after reaching yet another new medium-term high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading below the $1,940 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.9% lower and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.
The market will be waiting for the important U.S. Advance GDP number release at 8:30 a.m. We will also get the Unemployment Claims and New Home Sales releases today, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, January 26
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Unemployment Claims, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - New Home Sales
- All Day, China - Bank Holiday
Friday, January 27
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist