Gold price continues its uptrend, nearing the $2,800 level.
The gold futures contract lost 0.21% on Thursday, January 23, as it fluctuated following its recent advances. On Wednesday, gold was the highest since late October on stock market optimism, weaker U.S. dollar. 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 extending the uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading along the $2,780 level. What about the other precious metals? Silver is 1.7% higher, platinum is 0.4% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been slightly higher than expected at 223,000. Today, we will get the Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 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).
Friday, 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
- 5:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
- All Day - WEF Annual Meetings
Monday, January 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - New Home Sales
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist