Daily Gold News: Feb. 16 – Gold’s New Short-Term Lows
Gold price went below $1,850; the market awaits producer inflation data.
The gold futures contract lost 1.08% on Wednesday, Feb. 15, as it extended its short-term downtrend after breaking below the recent local lows. Gold price reacted to a series of economic data releases. Yesterday’s daily low was at $1,839.30. Last week on Thursday it broke below the short-term trading range and since then it has been declining. On February 2 gold reached new medium-term high of $1,975.02. Then 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 along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning, as it remains below the $1,850 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.2% higher and palladium is 0.2% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’ Retail Sales release has been much better than expected at +3.0% m/m. Today we will get the important Producer Price Index release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, February 16
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts
- 4:00 p.m. U.S. - FOMC Member Cook Speech
- 5:30 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - Mortgage Delinquencies
Friday, February 17
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - CB Leading Index m/m
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