Gold extends its short-term uptrend after breaking above the $2,750 level.
The gold futures contract gained 1.00% on Tuesday, January 21, extending its recent advances and breaking above the $2,750 level. On Monday, it fluctuated following last week’s advance and a breakout above the $2,700 level. 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 advancing again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading above the $2,760 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.1% lower and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the CB Leading Index release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, January 23
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement,
- BOJ Outlook Report
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist