Daily Gold News: January 2 – Gold Price Remains Close to $2,075

Gold trades sideways after bouncing from $2,100 level last week.

The gold futures contract lost 0.56% on Friday, December 29, as it retraced more of its last Wednesday’s advance of 1.1%. On Wednesday, the market was gaining after breaking above the recent trading range on Thursday a week ago. Gold continued upwards on weakening U.S. dollar, among other factors. In the previous week the market went sideways following the FOMC Statement release on December 13. The yellow metal fluctuated after 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 bouncing after its Thursday’s Friday’s declines, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: January 2 – Gold Price Remains Close to $2,075 - Image 1

The gold price is 0.2% higher, as it is trading along $2,075. What about the other precious metals? Silver is 0.5% higher, platinum is unchanged and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.

Friday’s Chicago PMI release has been lower than expected at 46.9. Today we will get the Final Manufacturing PMI and Construction Spending releases.

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

Tuesday, January 2

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - Construction Spending m/m
  • All Day, Japan - Bank Holiday

Wednesday, January 3

  • 8:30 a.m. U.S. - FOMC Member Barkin Speech
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices
  • 2:00 p.m. U.S. - FOMC Meeting Minutes
  • 8:45 p.m. China - Caixin Services PMI
  • All Day, U.S. - Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist