Gold fluctuates along new medium-term highs as markets await important data.
The gold futures contract lost 0.61% on Tuesday, Jan. 17, as it fluctuated following its recent advances. It reached new medium-term high of $1,931.80, before going down closer to the $1,900 level. The market continued to reach new medium-term highs after 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 bouncing from the $1,900 level, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.4% higher, as it is trading above the $1,910 level. What about the other precious metals? Silver is 1.3% higher, platinum is 1.1% higher and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Empire State Manufacturing Index release has been worse than expected at -32.9. Today we will get the important Producer Price Index and Retail Sales releases at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
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
Thursday, January 19
- 5:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts
- 1:15 p.m. U.S. - FOMC Member Brainard Speech
- 6:35 p.m. U.S. - FOMC Member Williams Speech
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist