Gold continues to trade along the $2,650 level; economic data in focus.
The gold futures contract lost 0.54% on Friday, January 3, as it retraced some of its recent advance, following a breakout above the $2,650 level last Tuesday. 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 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 moving sideways, 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 $2,660 level. What about the other precious metals? Silver is 2.6% higher, platinum is 1.3% higher and palladium is 2.0% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s ISM Manufacturing PMI release has been higher than expected at 49.3. Today, we will get the German Preliminary CPI release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, January 7
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:00 a.m. U.S. - FOMC Member Barkin Speaks
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist