Daily Gold News: February 20 – Gold Is Closer to $2,050 Again
Gold price extends its short-term uptrend, tomorrow’s Fed data in focus.
The gold futures contract gained 0.26% on Monday, February 19, continuing its rebound from Thursday and Friday, despite the long holiday weekend and low trading activity. Last Wednesday, the market bounced from a new local low of $1,996.40, and on Tuesday, it accelerated a short-term downtrend after higher than expected Consumer Price Index release. Gold was the lowest since mid-December, after breaking below local lows from January.
In late January, gold was declining, but it quickly recovered losses, remaining above $2,000 mark. In early February, 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 extending a short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading closer to the $2,040 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.9% higher and palladium is 1.5% higher. So the main precious metals’ prices are higher this morning.
Friday’s important Producer Price Index release has been higher than expected at +0.3% m/m. Today, we will get the CB Leading Index at 10:00 a.m. The markets will be waiting for tomorrow’s FOMC Meeting Minutes announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, February 20
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 10:00 a.m. U.S. - CB Leading Index m/m
- 8:30 p.m. Australia - Wage Price Index q/q
Wednesday, February 21
- 8:00 a.m. U.S. - FOMC Member Bostic Speech
- 1:00 p.m. U.S. - FOMC Member Bowman Speech
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist