Gold extends its consolidation, remaining close to the Thursday’s record high.
The gold futures contract lost 0.10% on Friday, February 21, as it continued to fluctuate near new record highs. Last Thursday, gold hit a new record high of $2,973.40. The market continued its consolidation amid geopolitical news and further economic data. The previous Friday, it pulled back, breaking below the $2,900 level and retracing some of its 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, 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 along the $2,960 level. What about the other precious metals? Silver is 0.6% lower, platinum is 1.2% lower and palladium is 1.7% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed, with the Services number dipping below 50. The markets will be waiting for the CB Consumer Confidence 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 24
- 4:00 a.m. Eurozone - German ifo Business Climate
Tuesday, February 25
- 4:15 a.m. U.S. - FOMC Member Logan Speech
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- 1:00 p.m. U.S. - FOMC Member Barkin Speech
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist