Daily Gold News: February 28 – Gold Is Still Trading Sideways

Paul-Rejczak Paul Rejczak Feb 28, 2024

Gold price extends a consolidation, trading below $2,050 level.

The gold futures contract gained 0.26% on Tuesday, February 27, as it further extended a short-term consolidation below the $2,050 level. Last week, gold has been rebounding 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 lower again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 28 – Gold Is Still Trading Sideways - Image 1

The gold price is 0.3% lower, as it is trading below the $2,040 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.0% lower and palladium is 1.9% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s CB Consumer Confidence release has been lower than expected at 106.7. Today we will get the GDP number at 8:30 a.m., among others.

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

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

Thursday, February 29

  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 10:50 a.m. U.S. - FOMC Member Bostic Speech
  • 1:15 p.m. U.S. - FOMC Member Mester Speech
  • 8:10 p.m. U.S. - FOMC Member Williams Speech
  • 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
  • 8:45 p.m. China - Caixin Manufacturing PMI
  • All Day, Eurozone - German Preliminary CPI m/m
  • All Day - G20 Meetings

Paul Rejczak
Stock Trading Strategist