Gold price keeps moving sideways following its last week’s advance.
The gold futures contract lost 0.62% on Monday, January 20, as it fluctuated following its last week’s advance and a breakout above the $2,700 level. On Friday, the market broke above the $2,750 level, the highest since early December. Recently, it kept moving sideways despite a series of economic data releases. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50.
This morning, gold is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $2,730 level. What about the other precious metals? Silver is 0.2% lower, platinum is 1.0% lower and palladium is 1.7% lower. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 21
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- All Day, Eurozone - ECOFIN Meetings
- All Day - WEF Annual Meetings
Wednesday, January 22
- 10:00 a.m. U.S. - CB Leading Index m/m
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist