Daily Gold News: Tuesday, Jan. 25 – Gold’s Sideways Trading Action

The gold futures contract gained 0.54% on Monday, as it continued to fluctuate following the recent advance. The market reacted to stocks and crypto sell-off, although the reaction in precious metals’ prices was pretty mild. Overall, investors were reacting to Russia-Ukraine tensions, among other factors. Recently the market got close to the mid-November consolidation of around $1,850-1,875. It marks the nearest important resistance level. This morning yellow metal is trading lower again, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% lower this morning, as it is still trading within a short-term consolidation. What about the other precious metals? Silver is 1.4% lower, platinum is 2.1% lower and palladium is 1.0% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s U.S. Flash Manufacturing PMI and Flash Services PMI releases have been worse than expected. Today we will get the CB Consumer Confidence at 10:00 a.m., among others. The markets will be waiting for the tomorrow’s FOMC Statement release.

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

Tuesday, January 25

• 4:00 a.m. Eurozone – German ifo Business Climate
• 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
• 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index
• All Day, Australia – Bank Holiday

Wednesday, January 26

• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 10:00 a.m. U.S. – New Home Sales
• 10:00 a.m. Canada – BOC Monetary Policy Report, BOC Rate Statement
• 11:00 a.m. Canada – BOC Press Conference
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
• 2:30 p.m. U.S. – FOMC Press Conference

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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