Gold trades sideways after selling-off a week ago; tomorrow’s CPI data in focus.
The gold futures contract lost 0.45% on Friday, February 9, as it remained close to the local lows following the previous Friday’s and last Monday’s declines. Recently, precious metals’ prices reacted negatively to better-than-expected economic data and gaining dollar, among other factors.
In late January, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark. The previous week, 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 trading along its Friday’s close, 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 below the $2,040 level. What about the other precious metals? Silver is 1.8% higher, platinum is 0.7% higher and palladium is 3.4% higher. So the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data, however, there will be some speeches from the FOMC Members. The markets will be waiting for the very important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, February 12
- 9:20 a.m. U.S. - FOMC Member Bowman Speech
- 12:00 p.m. U.S. - FOMC Member Barkin Speech
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Federal Budget Balance
- All Day, Eurozone - Eurogroup Meetings
- All Day, China – Bank Holiday
Tuesday, February 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist