Gold price is closer to the $2,050 level again; economic data in focus.
The gold futures contract gained 0.08% on Tuesday, January 2, as it extended a short-term consolidation following the recent retreat from the $2,100 level. It retraced the whole of its last Wednesday’s advance of 1.1%. Gold continued upwards on weakening U.S. dollar, among other factors. In the previous week the market went sideways after the FOMC Statement release on December 13. 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 extending its decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower, as it is trading closer to $2,050. What about the other precious metals? Silver is 2.0% lower, platinum is unchanged and palladium is 0.5% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Final Manufacturing PMI release has been slightly lower than expected at 47.9. Today we will get a series of important economic data - the ISM Manufacturing PMI, JOLTS Job Openings, and the FOMC Meeting Minutes, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 3
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 8:45 p.m. China - Caixin Services PMI
- All Day, U.S. - Wards Total Vehicle Sales
Thursday, January 4
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Services PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist