Gold price extends a short-term consolidation above the $2,000 level.
The gold futures contract lost 0.35% on Monday, January 22, as it extended a short-term consolidation along the $2,025 level. Last Wednesday, it was at the lowest point since December 13 on stronger U.S. dollar, among other factors. Gold retraced almost all of its rally following December’s Fed’s monetary policy release.
In late December, gold bounced from the $2,100 level, and the previous week it was going sideways after breaking below the previous local lows. Earlier, the yellow metal fluctuated following its December 4 extraordinary price action and a downward reversal from new all-time high price of $2,152.30. Then, it traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning economic data. After the Fed’s release gold rallied back above $2,050 price level.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.
This morning gold is trading sideways 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 close to the $2,025 level. What about the other precious metals? Silver is 0.4% higher, platinum is 1.1% higher and palladium is 0.4% lower. So the main precious metals’ prices are higher this morning.
Today, we will get the Richmond Manufacturing Index release at 10:00 a.m. The markets will be waiting for tomorrow’s PMI numbers announcements.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 23
- 10:00 a.m. U.S. - Richmond Manufacturing Index
- Tentative, Japan - BOJ Press Conference
Wednesday, January 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
Paul Rejczak
Stock Trading Strategist