Gold price is rebounding from the $2,000 level; more economic data in focus.
The gold futures contract lost 0.14% on Wednesday, February 14, as it fluctuated following its Tuesday’s decline on 1.3%. On Tuesday, it accelerated a short-term downtrend after higher than expected Consumer Price Index release. Yesterday, gold was the lowest since mid-December, after breaking below local lows from January.
In late January, gold was declining, but it quickly recovered losses, remaining above $2,000 mark. In early February, 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading above the $2,000 level. What about the other precious metals? Silver is 1.5% higher, platinum is 0.8% higher and palladium is 2.9% higher. So the main precious metals’ prices are higher this morning.
Today, we will get the Retail Sales, Unemployment Claims, Empire State Manufacturing Index releases at 8:30 a.m., and the Industrial Production at 9:15 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 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 3:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 1:15 p.m. U.S. - FOMC Member Waller Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day, China – Bank Holiday
Friday, February 16
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Building Permits, Housing Starts
- 9:10 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 12:10 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist