Gold price is slightly extending yesterday’s advance; key economic data in focus.
The gold futures contract gained 1.35% on Monday, January 29, as it broke above the recent trading range despite strong U.S. dollar, economic data. Recently the market was extending a consolidation following mid-January sell-off. Last Thursday, gold was at the lowest point since December 13, but it quickly recovered its losses, remaining above $2,000 mark.
In late December, gold bounced from the $2,100 level, and recently it was going sideways after breaking below the previous local lows. Earlier, 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 trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading slightly above the $2,050 level. However, the old contract series is still trading along the recent local highs. What about the other precious metals? Silver is 0.2% lower, platinum is 1.0% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Today, the markets will be waiting for the important CB Consumer Confidence and JOLTS Job Openings releases at 10:00 a.m., among others. Tomorrow, we will get the important Fed Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 30
- 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, JOLTS Job Openings
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Wednesday, January 31
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 8:45 p.m. China - Caixin Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist