Daily Gold News: Jan. 17 – Gold Trades Sideways Ahead of Economic Data

Gold price backs off slightly from yesterday’s new medium-term high.

The gold futures contract lost 0.18% on Monday, Jan. 16, as it fluctuated within a relatively narrow trading range. Despite a long holiday weekend in the U.S., it reached new medium-term high of $1,931.75. The market continues to reach new medium-term highs following the recent Consumer Price Index release. The data was as expected, but it led to a weaker U.S. dollar last week. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is trading along its yesterday’s close, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.1% lower, as it is trading above the $1,910 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.4% lower and palladium is 0.6% lower. So the main precious metals’ prices are lower this morning.

Today we will get the important Empire State Manufacturing Index release at 8:30 a.m. The market will be waiting for tomorrow’s Producer Price Index release.

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

Tuesday, January 17

  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Empire State Manufacturing Index
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 3:00 p.m. U.S. - FOMC Member Williams Speech
  • Tentative, Japan - Monetary Policy Statement, BOJ Outlook Report, BOJ Policy Rate, BOJ Press Conference
  • All Day, Eurozone - ECOFIN Meetings
  • All Day - WEF Annual Meetings

Wednesday, January 18

  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 2:00 p.m. U.S. - Beige Book, FOMC Member Harker Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day - WEF Annual Meetings

Paul Rejczak
Stock Trading Strategist