Daily Gold News: Jan. 19 – Gold Price Keeps Going Sideways

Gold extends a short-term consolidation despite series of important economic data releases.

The gold futures contract lost 0.15% on Wednesday, Jan. 18, as it extended its short-term consolidation along the $1,900 price level despite much lower than expected Producer Price Index. On Tuesday gold reached new medium-term high of $1,931.80, before retreating closer to the $1,900 level. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ volatility. This morning gold is further extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.2% higher, as it is trading along the $1,910 level again. What about the other precious metals? Silver is 0.3% lower, platinum is 1.9% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Empire Producer Price Index release has been lower than expected at -0.5% m/m and the Retail Sales release has also been lower than expected at -1.1% m/m. Today we will have the Philly Fed Manufacturing Index announcement, among others.

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

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

Friday, January 20

  • 5:00 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:00 a.m. U.S. - FOMC Member Harker Speech
  • 10:00 a.m. U.S. - Existing Home Sales
  • 1:00 p.m. U.S. - FOMC Member Waller Speech
  • All Day - WEF Annual Meetings

Paul Rejczak
Stock Trading Strategist