Gold bounces from $2,025 level, CPI data is in focus.
The gold futures contract lost 0.28% on Monday, February 12, as it extended its short-term downtrend after breaking below the local lows. Recently, precious metals’ prices reacted negatively to better-than-expected economic data and gaining dollar, among other factors.
In late January, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark. The previous week, it bounced to the local high of $2,083.20, but then it declined and broke below the $2,050 level.
This morning gold is trading along its Friday’s close, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,040 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.1% higher and palladium is 1.8% higher. So the main precious metals’ prices are higher this morning.
The markets are waiting for the very important Consumer Price Index release at 8:30 a.m. today. Volatility is likely to increase following that announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, February 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- All Day, China – Bank Holiday
Wednesday, February 14
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y,
- 10:00 a.m. U.K. - BOE Governor Bailey Speech
- 4:00 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist