Gold is moving sideways following its recent advances.
The gold futures contract gained 0.42% on Wednesday, January 22, as it extended its short-term uptrend, reaching the new local high of $2,774.40. It was the highest since late October on stock market optimism, weaker U.S. dollar. 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 retracing its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading along the $2,760 level. What about the other precious metals? Silver is 1.1% lower, platinum is 0.7% lower and palladium is 0.4% higher. So, the main precious metals’ prices are lower this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 8:30 a.m. U.S. - Unemployment Claims
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement,
- BOJ Outlook Report
- All Day - WEF Annual Meetings
Friday, 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
- 5:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist