Daily Gold News: January 17 – Gold Is Back Within a Trading Range

Gold price retraced its recent advances on economic data, stronger USD.

The gold futures contract lost 1.04% on Tuesday, January 16, as it retraced the recent advances following strengthening U.S. dollar, among other factors. The market went back to its short-term trading range. Last week on Thursday, the daily low was at $2,017.30, and it marked the lowest point since December 13. In late December, gold bounced from the $2,100 level, and the previous week it was going sideways after breaking below the previous local lows. Earlier, the yellow metal fluctuated following its December 4 extraordinary price action and a downward reversal from new all-time high price of $2,152.30. Then, it traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning economic data. After the Fed’s release gold rallied back above $2,050 price level.

On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.

This morning gold is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: January 17 – Gold Is Back Within a Trading Range - Image 1

The gold price is 0.1% higher, as it is trading along the $2,030 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.7% lower and palladium is 1.4% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Empire State Manufacturing Index release has been much lower than expected at -43.7. Today we will get the Retail Sales, Industrial Production, and the Beige Book releases, among others.

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

Wednesday, January 17

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 9:00 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Bowman Speech
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 1:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 10:15 a.m. Eurozone - ECB President Lagarde Speech
  • 2:00 p.m. U.S. - Beige Book
  • 3:00 p.m. U.S. - FOMC Member Williams Speech
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day - WEF Annual Meetings

Thursday, January 18

  • 7:30 a.m. U.S. - FOMC Member Bostic Speech
  • 8:30 a.m. U.S. - Unemployment Claims, Building Permits, Housing Starts, Philly Fed Manufacturing Index
  • 10:15 a.m. Eurozone - ECB President Lagarde Speech
  • 11:30 a.m. U.S. - FOMC Member Bostic Speech
  • All Day - WEF Annual Meetings

Paul Rejczak
Stock Trading Strategist