Daily Gold News: Feb. 8 – Gold Price Going Sideways

The yellow metal extends its short-term consolidation, as it remains below the $1,900 level.

The gold futures contract gained 0.28% on Tuesday, Feb. 7, as it continued to fluctuate within a short-term consolidation 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 still trading below the $1,900 level, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.4% higher this morning, as it is trading along the $1,890 level. What about the other precious metals? Silver is 1.2% higher, platinum is 1.0% higher and palladium is 1.5% higher. So the main precious metals’ prices are higher this morning.

Yesterday we didn’t get any new important economic data, however the Fed Chair Powell’s speech led to an increased volatility on the markets. Today we will have several speeches from the FOMC Members and the Wholesale Inventories release at 10:00 a.m.

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

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

Thursday, February 9

  • 4:45 a.m. U.K. - Monetary Policy Report Hearings
  • 5:00 a.m. Eurozone - EU Economic Forecasts
  • 8:30 a.m. U.S. - Unemployment Claims
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • 7:30 p.m. Australia - RBA Monetary Policy Statement

Paul Rejczak
Stock Trading Strategist