Gold is extending its consolidation as investors await key economic data.
The gold futures contract lost 0.27% on Monday, January 6, as it extended its Friday’s retreat and a short-term consolidation around the $2,650 level. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50.
This morning, gold is higher, extending its consolidation, 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 $2,660 level again. What about the other precious metals? Silver is 0.9% higher, platinum is 1.8% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important ISM Services PMI and JOLTS Job Openings numbers 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).
Tuesday, January 7
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:00 a.m. U.S. - FOMC Member Barkin Speaks
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - CPI y/y
Wednesday, January 8
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist