Daily Gold News: Friday, Jan. 15 – Gold Still Going SidewaysGold is 0.1% lower this morning, as it is extending the short-term consolidation.
The gold futures contract lost 0.19% on Thursday, as it extended its short-term consolidation following last week’s Friday’s sell-off of 4.1%. In late November the market has reached new local low below $1,800 price level. Since then it has been retracing the decline. Last week, the yellow metal got closer to its early November local high but then it has retraced the whole advance, as we can see on the daily chart ( the chart includes today’s intraday data ):
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Gold is 0.1% lower this morning, as it is extending the short-term consolidation. What about the other precious metals? Silver gained 0.90% on Thursday and today it is 1.2% lower. Platinum gained 1.41% and today it is 2.5% lower. Palladium gained 1.09% and today it’s 1.0% lower. So precious metals are lower this morning.
Yesterday’s Unemployment Claims release has been worse than expected at 965,000. Today we will get the Retail Sales release at 8.30 a.m. The main number is expected to be unchanged vs. the previous one.
Where would the price of gold go following last week’s Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 28-month-long period of time that contains of twenty eight NFP releases.
The following chart shows the average gold price path before and after the NFP releases for the past 28 months. The market was usually 0.37% higher on the 10th day after the NFP release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, January 15
- 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , PPI m/m, Core PPI m/m, Empire State Manufacturing Index
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
For a look at all of today’s economic events, check out our economic calendar.
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