Gold remains within a week-long trading range, just below new medium-term highs.
The gold futures contract gained 0.35% on Tuesday, Jan. 24, as it continued to fluctuate along new medium-term highs. Recently the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. In early January it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold is trading lower, but it’s still within its week-long trading range, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% lower, as it is trading along the $1,920 level. What about the other precious metals? Silver is 1.2% lower, platinum is 1.8% lower and palladium is 1.1% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s PMI numbers release has been mixed, and today we won’t get any new important economic data announcements, however, we will get the BOC interest rate decision at 10:00 a.m. The market will be waiting for tomorrow’s U.S. Advance GDP number release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, January 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 11:00 a.m. Canada - BOC Press Conference
- All Day, Australia - Bank Holiday
- All Day, China - Bank Holiday
Thursday, January 26
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Unemployment Claims, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - New Home Sales
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist