Daily Gold News: Monday, Jan. 17 – Gold Price Goes Sideways

The gold futures contract lost 0.27% on Friday, Jan. 14, as it continued to fluctuate within a short-term consolidation. Recently gold price was gaining in a reaction to the weakening U.S. dollar, among other factors, and the market got close to the previous highs again. On Jan. 3 gold reached the local high of $1,833 before reversing lower, and on Friday, Jan. 7 it traded as low as $1,781.30. This morning the yellow metal is trading slightly above its last Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% higher this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.1% higher, platinum is 0.2% lower and palladium is 0.2% higher. So the main precious metals’ prices are virtually flat this morning.

Friday’s Retail Sales release has been much worse than expected at -1.9%. Today we will likely see low volatility market because of a bank holiday in the U.S.

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

Monday, January 17

  • Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
  • All Day, U.S. – Bank Holiday
  • All Day, Eurozone – Eurogroup Meetings

Tuesday, January 18

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 8:30 a.m. U.S. – Empire State Manufacturing Index
  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • 4:00 p.m. U.S. – TIC Long-Term Purchases
  • Tentative, Japan – BOJ Press Conference
  • All Day, Eurozone – Eurogroup 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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