Gold price is trading along its new high ahead of the FOMC announement.
The gold futures contract gained 1.06% on Tuesday, January 28, as it rebounded after its Monday’s decline of 1.5%. Gold keeps advancing despite some uncertainty in the stock market, fueled by a 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 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 trading along its new high ahead of the key FOMC release, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading slightly below the $2,800 level (futures contract new series). What about the other precious metals? Silver is 0.4% higher, platinum is 0.1% higher and palladium is 0.1% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 104.1. Today, the markets are waiting for the important FOMC release at 2:00 p.m., and the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:15 a.m. U.K. - BOE Governor Bailey Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, China - Bank Holiday
Thursday, January 30
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist