Daily Gold News: Wednesday, Jan. 12 – Gold’s Consolidation Ahead of Inflation Data

The gold futures contract gained 1.10% on Tuesday, as it got back above the $1,800 level again. The market was gaining in a reaction to the Fed Chair Powell’s testimony. Last week on Monday gold reached the 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 trading along its yesterday’s daily close, 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 fluctuating following Tuesday’s advance. What about the other precious metals? Silver is 0.3% lower, platinum is 0.1% lower and palladium is 0.5% lower. So the main precious metals’ prices are slightly lower this morning.

The markets will be waiting for the important Consumer Price Index release at 8:30 a.m. We will also have the Beige Book release at 2:00 p.m.

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:

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

Thursday, January 13

  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
  • 1:01 p.m. U.S – 30-y Bond Auction

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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