Daily Gold News: Jan. 27 – Gold Price Fluctuates Below $1,950
The yellow metal remains close to new medium-term highs, as markets await next week’s Fed.
The gold futures contract lost 0.65% on Thursday, Jan. 26, as it continued to fluctuate within a consolidation along new medium-term highs. Yesterday’s daily high was at $1,949.80, so the market slightly extended the uptrend once again, before retracing most of the intraday advance. Recently the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. In early January it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading below the $1,940 level again. What about the other precious metals? Silver is 0.7% lower, platinum is 0.2% lower and palladium is 0.1% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s U.S. Advance GDP release has been higher than expected at +2.9% q/q. Today we will get the important Core PCE Price Index release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Friday, January 27
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Monday, January 30
- No important economic data announcements
Stock Trading Strategist