Daily Gold News: Wednesday, Feb. 17 – Gold Below $1,800 AgainThe gold futures contract lost 1.33% on Tuesday, as it extended its short-term downtrend after bouncing from resistance level of $1,850 last week.
Earlier this month it broke below the previous local low and $1,800 price mark for the first time following strengthening U.S. dollar and rallying stock market, among other factors. The market gave back almost all of December’s advance. Gold is now below its recent local low, as we can see on the daily chart ( the chart includes today’s intraday data ):
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Gold is 0.3% lower this morning, as it is extending the short-term downtrend. What about the other precious metals? Silver is 0.5% lower, platinum is 1.9% lower and palladium is 0.6% lower today. So precious metals are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been better than expected at 12.1 Today we will get the relatively important Retail Sales number release at 8:30 a.m. We will also have PPI, Industrial Production, FOMC Meeting Minutes releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, February 17
- 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , PPI m/m, Core PPI m/m
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
- 2:00 p.m. U.S. – FOMC Meeting Minutes
- 7:30 p.m. Australia – Employment Change, Unemployment Rate
Thursday, February 18
- 8:00 a.m. U.S. – FOMC Member Brainard Speech
- 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts, Import Prices m/m
- 10:00 a.m. U.S. – Consumer Confidence
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