Gold is extending its week-long consolidation, as markets focus on more economic data releases.
The gold futures contract lost 0.05% on Wednesday, Feb. 22, as it further extended a short-term consolidation along the $1,850 price level. The market continues to fluctuate below the $1,850 level following its recent downtrend and last 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 closer to the local lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning. What about the other precious metals? Silver is 0.4% higher, platinum is 0.5% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s FOMC Meeting Minutes led to some volatility, but overall gold price continued sideways. Today we will get the Preliminary GDP number release, among others. The market will be waiting for tomorrow’s important Core PCE Price Index announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, February 23
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Unemployment Claims
- All Day - G20 Meetings
Friday, February 24
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - New Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Governor-Designate Ueda Speech
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist