Gold is extending its uptrend, reaching the $2,800 level.
The gold futures contract gained 0.50% on Friday, January 24, as it extended its uptrend, reaching a new local high of around $2,795. Gold was the highest since late October on a weaker U.S. dollar, among other factors. 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 further extending its advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,800 level. What about the other precious metals? Silver is 0.9% lower, platinum is unchanged and palladium is 2.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the New Home Sales release at 10:00 a.m. The markets will be awaiting the key FOMC release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, January 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - New Home Sales
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day, China - Bank Holiday
Tuesday, January 28
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist