Gold price keeps moving sideways; Consumer Confidence release in focus.
The gold futures contract gained 0.34% on Monday, February 24, as it extended its consolidation. It continued to fluctuate near new record highs. Last Thursday, gold hit a new record high of $2,973.40. The market moved sideways amid geopolitical news, further economic data. The previous Friday, it pulled back, breaking below the $2,900 level and retracing some o its rally.
On November 14, gold was the lowest since mid-September after dropping in a 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 further extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,950 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.5% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.
Today, the markets are awaiting the CB Consumer Confidence number scheduled to be released at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, February 26
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - New Home Sales
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist