Daily Gold News: Feb. 1 – Gold Continues to Trade Within a Consolidation

The yellow metal trades sideways ahead of the important Fed’s release.

The gold futures contract gained 0.31% on Tuesday, Jan. 31, as it remained close to the recent local highs. In early January the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. Then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold price is going sideways ahead of the Fed’s interest rate announcement later in the day, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.1% higher this morning, as it is trading along the $1,930 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.6% lower and palladium is 0.9% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been lower than expected at 107.1. Today we will get the important FOMC Statement at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m. We will also get the ADP Non-Farm Employment Change and ISM Manufacturing PMI releases, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Wednesday, February 1

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, Construction Spending m/m, ISM Manufacturing Prices
  • 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
  • 2:30 p.m. U.S. - FOMC Press Conference
  • All Day - OPEC-JMMC Meetings

Thursday, February 2

  • 7:00 a.m. U.K. - BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - Factory Orders m/m
  • 10:15 a.m. Eurozone - ECB President Lagarde Speech

Paul Rejczak
Stock Trading Strategist