Daily Gold News: Feb. 28 - Gold Gets Closer to $1,800 Mark
Gold price fluctuates along the new local low, Concumer Confidence release is in focus.
The gold futures contract gained 0.43% on Monday, Feb. 27, as it retraced some of the recent declines. The market bounced from its new local low yesterday. Last week gold broke below the previous lows on monetary policy tightening fears, among other factors. Earlier the market 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 gold retraced its over month-long advance on renewed monetary policy tightening fears. In early January it 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 the new local low after retracing yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning, as it is trading along the $1,850 level. What about the other precious metals? Silver is 0.7% lower, platinum is 0.2% lower and palladium is 0.1% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Durable Goods Orders release has been lower than expected at -4.5% m/m. Today we will get the important CB Consumer Confidence release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Tuesday, February 28
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 2:30 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - CPI y/y, GDP q/q
Wednesday, March 1
- 5:00 a.m. U.K. - BOE Governor Bailey Speech
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
Stock Trading Strategist