Daily Gold News: February 22 – Gold Price Going Sideways Again

Gold continues to trade along the $2,040 level, series of economic data in focus.

The gold futures contract lost 0.27% on Wednesday, February 21, as it retraced some of its Tuesday’s advance of 0.8%. Earlier in the week, gold has been extending a rebound from the last Wednesday’s local low of $1,996.40. Last week, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Yesterday, it fluctuated below the $2,050 level.

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

Daily Gold News: February 22 – Gold Price Going Sideways Again - Image 1

The gold price is 0.2% higher, as it is trading along the $2,040 level. What about the other precious metals? Silver is 1.0% higher, platinum is 1.1% higher and palladium is 1.5% higher. So, the main precious metals’ prices are higher this morning.

Today, we will get the Unemployment Claims release at 8:30 a.m., and the Flash Manufacturing PMI/ Flash Services PMI numbers at 9:45 a.m.

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

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

Friday, February 23

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • Tentative, U.S. - Fed Monetary Policy Report
  • All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist