Gold remains close to the $2,000 level as it extends a consolidation following mid-March rally.
The gold futures contract gained 0.71% on Monday, Apr. 3 as it still continued to fluctuate along the $2,000 price level. The market is going sideways following its mid-March rally caused by the U.S. banking crisis. On March 20 it reached new medium-term high of $2,014.90. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.
In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading along the $2,000 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.5% higher and palladium is virtually flat. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 46.3. Today we will get the JOLTS Job Openings release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 4
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 10:30 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
- All Day, China – Bank Holiday
Wednesday, April 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Paul Rejczak
Stock Trading Strategist