Gold price was the highest since early February yesterdasy; today it’s trading sideways.
The gold futures contract gained 1.07% on Wednesday, Mar. 15, as it extended its short-term uptrend once more. The daily high was at $1,942.50 and gold was the highest since February 2. The market is still reacting to the ongoing U.S. banking crisis.
On Tuesday a week ago 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 along yesterday’s daily close as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it is trading sideways following yesterday’s advance. What about the other precious metals? Silver is 0.8% higher, platinum is 0.7% higher and palladium is 1.6% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Producer Price Index release has been lower than expected at -0.1% m/m. Today we will get the Unemployment Claims release at 8:30 a.m., among others. There will also be the ECB monetary policy release at 9:15 a.m. The markets will continue to react to the U.S. banking crisis news.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, March 16
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices m/m
- 9:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 9:45 a.m. Eurozone - ECB Press Conference
Friday, March 17
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, CB Leading Index m/m
Paul Rejczak
Stock Trading Strategist