Daily Gold News: January 24 – Gold’s Further Fluctuations

Gold price trades along short-term local highs, extending consolidation.

The gold futures contract gained 0.18% on Tuesday, January 23, as it further extended its consolidation along the $2,025 level. Last Wednesday, it was at the lowest point since December 13 on stronger U.S. dollar, among other factors. Gold retraced almost all of its rally following December’s 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 trading closer to local highs, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: January 24 – Gold’s Further Fluctuations - Image 1

The gold price is 0.5% higher, as it is trading above the $2,030 level. What about the other precious metals? Silver is 1.9% higher, platinum is 0.4% higher and palladium is 0.8% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Richmond Manufacturing Index release has been lower than expected at -15. Today we will get the important Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The PMI numbers from the Eurozone came in mixed.

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

Wednesday, 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
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
  • 10:30 a.m. Canada - BOC Press Conference

Thursday, January 25

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - New Home Sales
  • All Day, Australia - Bank Holiday

Paul Rejczak
Stock Trading Strategist