Gold price extends the advance on weaker U.S. dollar, stocks’ rally.
The gold futures contract gained 0.75% on Thursday, January 18, as it rebounded following the declines on Tuesday and Wednesday. On Wednesday, the market was at the lowest point since December 13. It retraced almost all of its rally following the recent Fed’s monetary policy release.
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 extending its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,030 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.6% higher and palladium is 0.9% higher. So the main precious metals’ prices are higher again this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 187,000. Today we will get the UoM Consumer Sentiment number at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, January 19
- 2:00 a.m. U.K. - Retail Sales m/m
- 5:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Existing Home Sales
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 4:15 p.m. U.S. - FOMC Member Daly Speech
- All Day - WEF Annual Meetings
Monday, January 22
- 10:00 a.m. U.S. - CB Leading Index m/m
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate, BOJ Outlook Report
Paul Rejczak
Stock Trading Strategist