Daily Gold News: Gold Price Fluctuates Ahead of Fed Talk

The gold futures contract gained 0.58% on Wednesday, as it continued to trade within a short-term consolidation following last 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 ):

Gold is 0.2% lower this morning, as it is further extending the short-term consolidation. What about the other precious metals? Silver gained 0.54% on Wedneesday and today it is 0.1% higher. Platinum gained 4.02% and today it is 1.4% higher. Palladium gained 0.88% and today it’s 0.2% lower. So precious metals are mixed this morning.

Yesterday’s Consumer Price Index release has been as expected at +0.4%.

The markets will wait for today’s Fed Chair Powell Speech. We will also get the Unemployment Claims release at 8:30 a.m.

Where would the price of gold go following last 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 the next two trading days:

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

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.

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