Daily Gold News: February 8 – Gold Extends Consolidation

Gold continues to trade sideways following recent declines.

The gold futures contract gained 0.01% on Wednesday, February 7, as it kept going sideways following Friday’s and Monday’s declines. 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 closer to local lows, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 8 – Gold Extends Consolidation - Image 1

The gold price is 0.5% lower, as it is trading below the $2,050 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.1% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Today, we will get the Unemployment Claims release 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).

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

Friday, February 9

  • 8:30 a.m. Canada - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist