Daily Gold News: Monday, Feb. 7 – Gold Price Extends Its Short-Term Consolidation

The gold futures contract gained 0.21% on Friday, Feb 4, as it continued to fluctuate along the $1,800 price level. The market extended a short-term consolidation following its 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 higher, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% higher this morning, as it is trading along the Friday’s daily high. What about the other precious metals? Silver is 1.6% higher, platinum is 0.8 % lower and palladium is 3.1% lower. So the main precious metals’ prices are higher this morning.

Friday’s U.S. Nonfarm Payrolls release has been higher than expected at +467,000 and the Unemployment Rate release has been slightly higher than expected at 4.0%, Today we won’t get any new important economic data announcements.

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

Monday, February 7

• 10:45 a.m. Eurozone – ECB President Lagarde Speech
• 3:00 p.m. U.S. – Consumer Credit m/m

Tuesday, February 8

• 8:30 a.m. U.S. – Trade Balance
• 10:00 a.m. U.S. – IBD/TIPP Economic Optimism

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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