Gold fluctuates along the $2,050 level, extending a short-term consolidation.
The gold futures contract gained 0.43% on Tuesday, February 6, as it retraced most of its Monday’s decline despite a further strengthening of the U.S. dollar. Recently, precious metals’ prices reacted negatively to better-than-expected economic data and gaining dollar, 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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,050 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.1% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.
Today we will have speeches from the FOMC Members and the outcome of the 10-y Bond Auction at 1:01 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, February 8
- 8:30 a.m. U.S. - Unemployment Claims, FOMC Member Barkin Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 12:05 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 5:30 p.m. Australia - RBA Governor Bullock Speech
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist