Daily Gold News: Feb. 14 – Gold Price Remains Close to Local Lows

Gold is trading along its local lows, as investors await the CPI release.

The gold futures contract lost 0.59% on Monday, Feb. 13, as it extended its short-term downtrend again after breaking below the recent local lows. Last week the yellow metal’s price fluctuated following 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 is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.2% higher this morning, as it is trading along the $1,860 level. What about the other precious metals? Silver is 1.1% lower, platinum is 0.7% lower and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.

Yesterday we didn’t get any new important economic data releases. Today the markets are waiting for the important Consumer Price Index release at 8:30 a.m., among others. There will likely be a big volatility following that release; it is expected at +0.5% m/m.

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

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

Wednesday, February 15

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
  • 9:00 a.m. Eurozone - ECB President Lagarde Speech
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist