Gold continues its consolidation as investors await further data.
The gold futures contract gained 0.68% on Thursday, February 20, fluctuating within a short-term consolidation after rebounding on Tuesday. However, gold hit a new record high of $2,973.40 yesterday. The market continued its consolidation amid geopolitical news and further economic data. Last Friday, it pulled back, breaking below the $2,900 level and retracing some of its recent rally.
On November 14, gold was at its lowest since mid-September after dropping in reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is moving sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, trading slightly below the $2,950 level. What about the other precious metals? Silver is 0.4% lower, platinum is unchanged, and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release was higher than expected at 219,000. Today, we will get the important Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m., among other things.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 21
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 11:30 a.m. U.S. - FOMC Member Jefferson Speech
- 12:30 p.m. Canada - BOC Governor Macklem Speech
Monday, February 24
- 4:00 a.m. Eurozone - German ifo Business Climate
Paul Rejczak
Stock Trading Strategist