Gold is trading sideways ahead of the key FOMC Rate Decision later in the day.
The gold futures contract gained 0.31% on Tuesday, January 30, as it basically went sideways following Monday’s advance. Recently the market was extending a consolidation after its mid-January sell-off. Last Thursday, gold was at the lowest point since December 13, but it quickly recovered 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 slightly higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading above the $2,050 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% lower and palladium is 0.2% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 114.8, and the JOLTS Job Openings has also been higher than expected at 9.03 million. Today, we will get the important Fed Rate Decision 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 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
Thursday, February 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Official Bank Rate, Monetary Policy Summary, MPC Official Bank Rate Votes
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist