Daily Gold News: Feb. 7 – Gold Is Going Sideways Ahead of Powell’s Speech

Gold price fluctuates following its last week’s volatility, it remains below $1,900.

The gold futures contract gained 0.15% on Monday, Feb. 6, as it went sideways following its Thursday’s-Friday’s sell-off caused by the Fed’s Rate Decision and series of economic data releases. On Thursday it reached new medium-term high of $1,975.02 and the next day it traded well below the $1,900 level. So 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 price is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.2% higher this morning, as it is trading along the $1,880 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.2% lower and palladium is 1.0% lower. So the main precious metals’ prices are mixed this morning.

Yesterday we didn’t get any new important economic data. Today the markets will be waiting for the important Fed Chair Powell’s speech at 12:40 p.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Tuesday, February 7

  • 8:30 a.m. U.S. - Trade Balance
  • 12:30 p.m. Canada - BOC Governor Macklem Speech
  • 12:40 p.m. U.S. - Fed Chair Powell Speech
  • 2:00 p.m. U.S. - FOMC Member Barr Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Wednesday, February 8

  • 9:15 a.m. U.S. - FOMC Member Williams Speech
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m, FOMC Member Barr Speech
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 1:45 a.m. U.S. - FOMC Member Waller Speech

Paul Rejczak
Stock Trading Strategist