Daily Gold News: Feb. 24 - Gold Price Breaks Recent Lows
Gold broke below its week-long consolidation, as monetary policy fears grow again.
The gold futures contract lost 0.80% on Thursday, Feb. 23, as it extended its downtrend after breaking below the recent local low. Gold bounced down from the $1,850 level following a week-long consolidation.
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 at a new local low, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower this morning, as it is trading closer to the $1,820 level. What about the other precious metals? Silver is 1.3% lower, platinum is 2.1% lower and palladium is 2.4% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Preliminary GDP number release has been lower than expected at +2.7% q/q. Today the market is waiting for the important Core PCE Price Index announcement at 8:30 a.m. We will also get the Personal Income/ Personal Spending, New Home Sales and the Revised UoM Consumer Sentiment releases this morning.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
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
Monday, February 27
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 11:10 p.m. Japan - BOJ Governor-Designate Ueda Speech
Stock Trading Strategist