Gold price is back at $2,050 again, key economic data in focus.
The gold futures contract lost 0.51% on Monday, February 26, as it retraced a part of its Friday’s advance of 0.9%, continuing a short-term consolidation along the $2,050 level. 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 higher, nearing $2,050 level again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading slightly below the $2,050 level. What about the other precious metals? Silver is 0.7% higher, platinum is 1.8% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s New Home Sales release has been lower than expected at 661,000. Today we will get the important CB Consumer Confidence number at 10:00 a.m. We will also get the Durable Goods Orders release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, February 28
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- 12:45 p.m. U.S. - FOMC Member Williams Speech
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist