Daily Gold News: February 21 – Gold Going Sideways Ahead of the FOMC News

Gold price extended a rebound, reaching $2,040 level.

The gold futures contract gained 0.78% on Tuesday, February 20, as it extended its rebound from the last Wednesday’s local low of $1,996.40. On Wednesday, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Yesterday, it traded as high as $2,042.70 following weaker U.S. dollar, among other factors.

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 going sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 21 – Gold Going Sideways Ahead of the FOMC News - Image 1

The gold price is unchanged, as it is trading along the $2,040 level again. What about the other precious metals? Silver is 0.2% lower, platinum is 0.6% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.

Today, we will get the important FOMC Meeting Minutes release at 2:00 p.m.

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

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

Thursday, February 22

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. U.S. - Unemployment Claims
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Existing Home Sales, FOMC Member Jefferson Speech
  • 5:00 p.m. U.S. - FOMC Member Waller Speech
  • All Day, Eurozone - ECOFIN Meetings

Paul Rejczak
Stock Trading Strategist