Daily Gold News: February 6 – Gold Price Going Sideways

Gold remains below $2,050 level as the U.S. dollar continues to strengthen.

The gold futures contract lost 0.53% on Monday, February 5, as it extended its Friday’s decline of 0.8%. The market reacted to strenghtening U.S. dollar following better-than-expected economic data, among other factors.

In the previous week, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark. Last week, it bounced to the local high of $2,083.20 on Thursday, but then it declined and broke below the $2,050 level.

This morning gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 6 – Gold Price Going Sideways - Image 1

The gold price is unchanged, as it is trading along the $2,040 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.3% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Services PMI release has been higher than expected at 53.4. 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).

Tuesday, February 6

  • 10:00 a.m. Canada - Ivey PMI
  • 12:00 p.m. U.S. - FOMC Member Mester Speech
  • 12:45 p.m. Canada - BOC Governor Macklem Speech
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Wednesday, February 7

  • 8:30 a.m. U.S. - Trade Balance
  • 11:00 a.m. U.S. - FOMC Member Kugler Speech
  • 12:30 p.m. U.S. - FOMC Member Barkin Speech
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 2:00 p.m. U.S. - FOMC Member Bowman Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • 8:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist