Daily Gold News: Gold Going Sideways After Friday’s Sell-OffGold is 0.1% lower this morning, as it is further extending its short-term consolidation. What about the other precious metals?
The gold futures contract lost 0.36% on Tuesday, as it fluctuated following 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 further extending its short-term consolidation. What about the other precious metals? Silver gained 0.60% on Tuesday and today it is 1.0% lower. Platinum gained 2.22% and today it is 0.1% lower. Palladium lost 0.1% and today it’s virtually unchanged. So precious metals are going sideways this morning.
Today we will get the Consumer Price Index release at 8:30 a.m. and the Beige Book release at 2:00 p.m.
The markets will wait for tomorrow’s Fed Chair Powell Speech.
Where would the price of gold go following last Friday’s Nonfarm Payrolls release? We’ve compiled the data since September of 2018, a 28-month-long period of time that contains of twenty eight NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold lost more than 4% in November and it gained 2.7% in December.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, January 13
- 4:00 a.m. Eurozone – ECB President Lagarde Speech
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
- 1:00 p.m. U.S. – FOMC Member Brainard Speech
- 2:00 p.m. U.S. – Beige Book, Federal Budget Balance
Thursday, January 14
- 8:30 a.m. U.S. – Unemployment Claims, Import Prices m/m
- 12:30 p.m. U.S. – Fed Chair Powell Speech
For a look at all of today’s economic events, check out our economic calendar.
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