Gold is trading along its Friday’s new medium-term high, as investors focus on this week’s economic data.
The gold futures contract gained 0.22% on Friday, Jan. 20, as it traded within a relatively tight range along its new medium-term high of $1,939.00. Recently the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. In early January it fluctuated following Central Banks’ monetary policy releases, stock markets’ volatility. Today gold is trading within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading slightly below the $1,930 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.8% lower and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.
Friday’s Existing Home Sales number release has been higher than expected at 4.02 million. Today we won’t have any new important economic data. The markets will be waiting for tomorrow’s important PMI releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, January 23
- 10:00 a.m. U.S. - CB Leading Index m/m
- 12:45 p.m. Eurozone - ECB President Lagarde Speech
- All Day, China - Bank Holiday
Tuesday, January 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Services PMI, Flash Manufacturing PMI
- 10:00 a.m. U.S. - Richmond Manufacturing Index
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist