Daily Gold News: Feb. 9 – Gold Continues Sideways
Gold price continues to trade slightly below $1,900 level, as it extends a consolidation.
The gold futures contract gained 0.31% on Wednesday, Feb. 8, as it extended its short-term consolidation following last week’s Thursday’s-Friday’s sell-off caused by the Fed’s Rate Decision and series of economic data releases. Last week it reached new medium-term high of $1,975.02 and then it went well below the $1,900 level. 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 within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher this morning, as it is trading just below the $1,900 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.2% higher and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Wholesale Inventories release has been as expected at +0.1% m/m. Today we will get the Unemployment Claims number release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
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
Friday, February 10
- 2:00 a.m. U.K.- GDP m/m, Preliminary GDP q/q
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 12:30 p.m. U.S. - FOMC Member Waller Speech
- 2:00 p.m. U.S. - Federal Budget Balance
- 4:00 p.m. U.S. - FOMC Member Harker Speech
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