Gold is trading along the $1,850 level, as markets await the FOMC Minutes release.
The gold futures contract lost 0.42% on Tuesday, Feb. 21, as it extended a short-term consolidation along the $1,850 price level. On Monday it traded within a relatively narrow price range due to long holiday weekend in the U.S. The market continues to fluctuate along the $1,850 level following its recent downtrend and last Friday’s decline to a new medium-term low of $1,827.70.
On February 2 gold reached new medium-term high of $1,975.02. Then the market retraced its month-long advance on renewed monetary policy tightening fears. In early January gold has been advancing on weaker U.S. dollar and then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility.
Today gold is trading back above the $1,850 level again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is trading 0.4% higher this morning. What about the other precious metals? Silver is 0.4% higher, platinum is 1.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Flash Services PMI and Flash Manufacturing PMI releases have been higher than expected. Today the market will be waiting for the important FOMC Meeting Minutes release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, February 22
- 4:00 a.m. Eurozone - German ifo Business Climate
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 5:30 p.m. U.S. - FOMC Member Williams Speech
- All Day - G20 Meetings
- All Day, Japan - Bank Holiday
Thursday, February 23
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Unemployment Claims
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist