Gold price remains below the $1,900 level ahead of the important CPI release tomorrow.
The gold futures contract lost 0.21% on Friday, Feb. 10, as it slightly extended its downtrend after breaking below the recent local lows. Last week the yellow metal’s price fluctuated after the previous week’s volatility caused by the Fed’s Rate Decision and series of economic data releases.
On February 2 it reached new medium-term high of $1,975.02 and then it went below the $1,900 level. The market retraced its month-long advance on renewed monetary policy tightening fears. In early January the yellow metal has been advancing on weaker U.S. dollar and then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold price is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning, as it is trading along the $1,870 level. What about the other precious metals? Silver is unchanged, platinum is unchanged and palladium is 0.1% lower. So the main precious metals’ prices are virtually flat this morning.
Friday’s UoM Consumer Sentiment release has been higher than expected at 66.4. Today we won’t get any new important economic data releases. The markets will be waiting for the important CPI number release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, February 13
- All Day, Eurozone - Eurogroup Meetings
Tuesday, February 14
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 11:00 a.m. U.S. - FOMC Member Logan Speech
- 11:30 a.m. U.S. - FOMC Member Harker Speech
- 2:05 p.m. U.S. - FOMC Member Williams Speech
- 8:00 p.m. Australia - RBA Governor Lowe Speech
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist