Gold continues its consolidation despite a sell-off in stocks.
The gold futures contract lost 1.50% on Tuesday, February 25, as it pulled back from its Thursday’s new record high of $2,973.40. Gold continues to fluctuate following January-February advances. The market is moving sideways amid geopolitical news, economic data.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,930 level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 98.3. Today, we will get the New Home Sales number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, February 26
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - New Home Sales
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day - G20 Meetings
Thursday, February 27
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Durable Goods Orders m/m,
- Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q
- 9:15 a.m. U.S. - FOMC Member Schmid Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m, FOMC Member Barr Speech
- 11:45 a.m. U.S. - FOMC Member Bowman Speech
- 1:15 p.m. U.S. - FOMC Member Hammack Speech
- 3:15 p.m. U.S. - FOMC Member Harker Speech
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist