Daily Gold News: Monday, Jan. 3 – Gold Backs From Friday’s Local High

The gold futures contract gained 0.80% on Friday, as it broke above the recent local high of $1,821.60. The market extended its short-term uptrend after breaking above the $1,800 resistance level. In mid-December it fell to the local low of $1,753. This morning gold is retracing some of the Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.4% lower this morning, as it is trading closer to the last Tuesday’s local high. What about the other precious metals? Silver is 0.5% lower, platinum is 1.1% higher and palladium is 0.2% lower. So the main precious metals’ prices are lower this morning.

Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s U.S. ISM Manufacturing PMI release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, January 3

• All Day, Canada – Bank Holiday
• All Day, Eurozone – Italian Bank Holiday
• All Day, U.K. – Bank Holiday
• All Day, U.S. – Bank Holiday

Tuesday, January 4

• 10:00 a.m. U.S. – ISM Manufacturing PMI, JOLTS Job Openings
• All Day – OPEC-JMMC Meetings

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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