Daily Gold News: February 26 – Gold Price: Further Consolidation

Gold continues to trade along the $2,050; key data in focus this week.

The gold futures contract gained 0.92% on Friday, February 23, as it broke above a three-day-long consolidation. Earlier last week, gold has been extending a rebound from the previous Wednesday’s local low of $1,996.40. In the previous week, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. In the middle of last week, it fluctuated below the $2,050 level, and on Friday it went as high as $2,053.20.

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 retracing some of its Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 26 – Gold Price: Further Consolidation - Image 1

The gold price is 0.3% lower, as it is trading below the $2,050 level again. What about the other precious metals? Silver is 1.0% lower, platinum is 1.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are lower this morning.

Today, we will get the New Home Sales number at 10:00 a.m. The market will be waiting for tomorrow’s CB Consumer Confidence release, among others.

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

Monday, February 26

  • 10:00 a.m. U.S. - New Home Sales
  • 11:00 a.m. Eurozone - ECB President Lagarde Speech

Tuesday, February 27

  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 9:05 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 7:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist