Daily Gold News: Friday, Feb. 26 – Gold at New Low and Closer to $1,750

The gold futures contract lost 1.25% on Thursday, as it retraced all of its Monday’s rebound of 1.7%. Last week it broke below the previous local low and $1,800 price level. The market gave back all of December’s advance. This morning gold is trading at new local low, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.6% lower this morning, as it is trading closer to $1,750 price level. What about the other precious metals? Silver is 2.8% lower, platinum is 2.3% lower and palladium is 2.4% lower today. So precious metals are lower again this morning.

Yesterday’s Preliminary GDP release has been slightly worse than expected at +4.1% and Unemployment Claims number has been better than expected at 730,000.

Today we will get Personal Income/ Personal Spending numbers, Chicago PMI , Consumer Sentiment releases, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, February 26

• 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
• All Day – G20 Meetings

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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