Daily Gold News: Wednesday, Feb. 9 – Gold Price Extends Short-Term Uptrend

The gold futures contract gained 0.33% on Tuesday, Feb. 8 following its Monday’s advance of 0.8%, as it extended a short-term uptrend after 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 along yesterday’s daily close, 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 along the $1,825 price level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.2% higher and palladium is 0.6% higher. So the main precious metals’ prices are virtually flat this morning.

Yesterday’s U.S. Trade Balance number release has been at -80.7B vs. the expected -83.0B. Today we will get some Fed talk and the Wholesale Inventories release, but the markets will be waiting for tomorrow’s Consumer Price Index announcement.

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

Wednesday, February 9

• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 10:30 a.m. U.S. – FOMC Member Bowman Speech
• 12:00 a.m. U.S. – FOMC Member Mester Speech
• 12:00 p.m. Canada – BOC Governor Macklem Speech
• 1:01 p.m. U.S. – 10-y Bond Auction

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

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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