Daily Gold News: Tuesday, Feb. 1 – Gold Gets Back Above the $1,800 Level

The gold futures contract gained 0.55% on Monday, Jan. 31, as it retraced its Friday’s decline of 0.5%. The market got back to the $1,800 price level again. Recently it reacted to the strengthening U.S. dollar after last week’s Wednesday’s FOMC Statement release. Earlier, gold fluctuated along the $1,850 level after breaking above the previous short-term consolidation. On Wednesday, the market came back to that previous trading range and it got closer to the $1,800 level again, and on Thursday it fell below that support level. This morning yellow metal is trading higher after breaking above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.7% higher this morning, as it is trading above the $1,800 price level again. What about the other precious metals? Silver is 2.0% higher, platinum is 2.6% higher and palladium is 2.0% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Chicago PMI release has been better than expected at 65.2. Today we will get the important ISM Manufacturing PMI release at 10:00 a.m.

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

Tuesday, February 1

• 8:30 a.m. Canada – GDP m/m
• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, JOLTS Job Openings, Construction Spending m/m, ISM Manufacturing Prices
• 8:30 p.m. Australia – RBA Governor Lowe Speech
• All Day, China – Bank Holiday

Wednesday, February 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 3:00 p.m. Canada – BOC Governor Macklem Speech
• All Day – OPEC-JMMC Meetings
• All Day, China – Bank Holiday

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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