Daily Gold News: February 23 – Gold Extends a Consolidation

Gold price remains below $2,050 as the U.S. dollar fails to rally further.

The gold futures contract lost 0.18% on Thursday, February 22, as it fluctuated following its recent advances. 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 continued to fluctuate 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 still going sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 23 – Gold Extends a Consolidation - Image 1

The gold price is 0.1% higher, as it is trading along the $2,030 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.9% lower and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Flash Manufacturing PMI release has been better than expected at 51.5, and the Flash Services PMI has been lower than expected at 51.3. Today, we won’t get any new important economic data.

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

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

Monday, February 26

  • 10:00 a.m. U.S. - New Home Sales

Paul Rejczak
Stock Trading Strategist