Gold price moved back above $2,650; markets await PMI number.
The gold futures contract gained 1.06% on Thursday, January 2, as it extended its Tuesday’s advance of 0.9%, moving back above the $2,650 level. Gold broke above its recent trading range despite strong U.S. dollar, stock market’s uncertainty. On the previous Friday, the market rebounded from its post-Fed local lows of around $2,600, and last Thursday, it traded around the $2,650 level.
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 fluctuating after the recent advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $2,670 level. What about the other precious metals? Silver is 1.1% higher, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 211,000. Today, we will get the important ISM Manufacturing PMI number 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).
Friday, January 3
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
- 11:00 a.m. U.S. - FOMC Member Barkin Speech
- All Day, U.S. - Wards Total Vehicle Sales
Monday, January 6
- 9:30 a.m. U.S. - FOMC Member Cook Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist