Daily Gold News: Tuesday, Jan. 11 – Gold Is Slightly Higher Ahead of Powell’s Testimony

The gold futures contract gained 0.08% on Monday, as it fluctuated following the recent rebound. On Friday the market reacted to mixed monthly jobs data release. On Monday a week ago gold reached the new local high of $1,833 before reversing lower, and on Friday it traded as low as $1,781.30. This morning the yellow metal is above the $1,800 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% higher this morning, as it is trading closer to its Thursday’s daily high. What about the other precious metals? Silver is 0.5% higher, platinum is 0.8% higher and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Wholesale Inventories release has been slightly higher than expected at +1.4%. Today we will have a testimony from the Fed Chair Powell at 10:00 a.m. The markets will be also waiting for tomorrow’s Consumer Price Index release.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 40-month-long period of time that contains of forty NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 40 months. The market was usually advancing ahead of the release day and closing 0.26% 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:

Tuesday, January 11

  • 5:20 a.m. Eurozone – ECB President Lagarde Speech
  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 9:00 a.m. U.S. – FOMC Member Mester Speech
  • 10:00 a.m. U.S. – Fed Chair Powell Testimony
  • Tentative, U.S. – IBD/TIPP Economic Optimism

Wednesday, January 12

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Beige Book, Federal Budget Balance

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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