Wednesday January 12 – Gold consolidation ahead of inflation data

The gold futures contract gained 1.10% on Tuesday, as it rose above the $ 1,800 level. The market was winning in response to the testimony of Fed Chairman Powell. Gold last week on Monday hit a local high of $ 1,833 before reversing lower, and on Friday it traded at $ 1,781.30. This morning, the yellow metal is trading along its daily close yesterday, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is down 0.2% this morning as it fluctuates after Tuesday’s advance. What about other precious metals? Silver is 0.3% lower, platinum is 0.1% lower, and palladium is 0.5% lower. The prices of the main precious metals are therefore slightly down this morning.

Markets will await the major release of the Consumer Price Index at 8:30 am. We will also have the release of the beige book at 2:00 p.m.

Where would the price of gold go after the Non-farm payroll announcement? We have compiled the data from September 2018, a 40-month period that contains forty NFP releases. The following chart shows the average trajectory of the price of gold before and after the release of the NFP over the past 40 months. The market generally advanced before the release day and closed 0.26% higher on the 10th day after the NFP release.

Below is our calendar of economic news on gold, silver and mining stocks for the next two trading days:

wednesday 12 january

  • 8:30 am in the United States – CPI m / m, core CPI m / m
  • 1:01 p.m. United States – 10-Year Bond Auction
  • 2:00 p.m. United States – Beige Book, Federal Budget Balance

Thursday January 13

  • 8:30 am in the United States – PPI m / m, Core PPI m / m, unemployment claims
  • 1:01 p.m. US 30-Year Bond Auction

For an overview of all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock market strategist
Benefits of the sun: analysis. Care. Benefits.

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