Daily Gold News: Thursday, Feb. 10 – Gold Price Gets Closer to The Previous High

The gold futures contract gained 0.48% on Wednesday, after gaining 0.3% on Tuesday and 0.8% on Monday. The market extended its short-term uptrend following breaking above the $1,800 level again. Last week the market was trading within a short-term consolidation following the late January sell-off. The yellow metal’s price reacted negatively to the strengthening U.S. dollar, among other factors. This morning gold is trading slightly below its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is virtually flat this morning, as it is trading above the $1,830 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.4% lower and palladium is 0.7% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s Wholesale Inventories release has been slightly higher than expected at +2.2%. Today we will get the important Consumer Price Index announcement. We will also have the Unemployment Claims number release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days

Thursday, February 10

• 5:00 a.m. Eurozone – EU Economic Forecasts
• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
• 1:01 p.m. U.S. – 30-y Bond Auction
• 2:00 p.m. U.S. – Federal Budget Balance
• 3:05 p.m. U.K. – BOE Governor Bailey Speech
• 5:30 p.m. Australia – RBA Governor Lowe Speech
• Tentative, U.S. – Mortgage Delinquencies
• All Day, Japan – Bank Holiday

Friday, February 11

• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• Tentative, U.S. – Fed Monetary Policy Report

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

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

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