Daily Gold News: Wednesday, Feb. 24 – Gold’s Short-Term Uncertainty

The gold futures contract lost 0.14% on Tuesday, as it fluctuated following 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. Today gold is extending a short-term consolidation, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.1% higher this morning, as it is trading along yesterday’s daily close. What about the other precious metals? Silver is 0.6% higher, platinum is 2.1% higher and palladium is 1.4% higher today. So precious metals are higher this morning.

Yesterday’s Consumer Confidence release has been slightly better than expected at 91.3. This morning we will have the Fed Chair Powell ’s testimony and some more Fed-talk later in the day.

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

Wednesday, February 24

• 10:00 a.m. U.S. – Fed Chair Powell Testimony , New Home Sales
• 10:30 a.m. U.S. – FOMC Member Brainard Speech
• 1:00 p.m. U.S. – FOMC Member Clarida Speech
• 4:00 p.m. U.S. – FOMC Member Clarida Speech

Thursday, February 25

• 8:30 a.m. U.S. – Preliminary GDP q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Unemployment Claims, Preliminary GDP Price Index q/q, FOMC Member Bostic Speech
• 10:00 a.m. U.S. – Pending Home Sales m/m
• 11:10 a.m. U.S. – FOMC Member Quarles Speech
• 12:00 a.m. U.S. – FOMC Member Bostic Speech

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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