Gold is fluctuating after its recent advances; tomorrow’s Fed in focus.
The gold futures contract lost 1.46% on Monday, January 27, as it retraced its Friday’s advance and pulled back from the $2,800 level. On Friday, gold was the highest since late October on a weaker U.S. dollar, among other factors. 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,770 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.,1% lower and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s New Home Sales release has been higher than expected at 698,000. Today, we will get the CB Consumer Confidence release at 10:00 a.m. The markets will be awaiting the key FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 28
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- All Day, China - Bank Holiday
Wednesday, January 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:15 a.m. U.K. - BOE Governor Bailey Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist