Gold is still within a consolidation; investors await more economic data.
The gold futures contract gained 0.68% on Tuesday, January 7, as it continued to fluctuate within a consolidation. The market moved closer to its recent highs yesterday. 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 0.2% lower, as it is trading along the $2,660 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.3% higher and palladium is 0.1% higher. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ISM Services PMI release has been higher than expected at 54.1 and the JOLTS Job Openings release has been higher than expected at 8.10 million. Today, we will get the ADP Non-Farm Employment Change release at 8:15 a.m. and the Unemployment Claims at 8:30 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).
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
Thursday, January 9
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 12:40 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 1:30 p.m. U.S. - FOMC Member Schmid Speech
- 1:35 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist