Daily Gold News: Feb. 21 – Gold Extends Short-Term Consolidation
Gold price continues to trade below $1,850, as investors await economic data releases.
The gold futures contract gained 0.1% on Monday, Feb. 20, as it traded within a relatively narrow price range due to a long holiday weekend in the U.S. The market continues to fluctuate below the $1,850 level following its recent downtrend and Friday’s decline to a new medium-term low of $1,827.70.
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 gold 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 lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is trading 0.5% lower this morning, after bouncing from the $1,850 level again. What about the other precious metals? Silver is 0.4% lower, platinum is 0.6% higher and palladium is 0.4% lower. So the main precious metals’ prices are lower this morning.
Today we will get the important Flash Services PMI and Flash Manufacturing PMI releases at 9:45 a.m. The market will be also waiting for tomorrow’s FOMC Meeting Minutes release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Tuesday, February 21
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m, Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Services PMI, Flash Manufacturing PMI
- 10:00 a.m. U.S. - Existing Home Sales
- 7:30 p.m. Australia - Wage Price Index q/q
Wednesday, February 22
- 4:00 a.m. Eurozone - German ifo Business Climate
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 5:30 p.m. U.S. - FOMC Member Williams Speech
- All Day - G20 Meetings
- All Day, Japan - Bank Holiday
Stock Trading Strategist