Gold remains within its two-week-long consolidation.
The gold futures contract gained 1.01% on Tuesday, Mar. 28, as it extended its consolidation below the $2,000 price level. On Monday the market retraced its last week’s advance after bouncing down from $2,000. Recently it retreated from new medium-term high of $2,014.90. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hike.
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 slightly lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower this morning as it is trading slightly below the $1,970 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.8% lower and palladium is 0.4% higher. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s CB Consumer Confidence release has been better than expected at 104.2. Today we will get the Pending Home Sales release at 10:00 a.m. The markets will be waiting for tomorrow’s Final GDP number release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, March 29
- 10:00 a.m. U.S. - Pending Home Sales m/m
Thursday, March 30
- 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q , Unemployment Claims
- 3:45 p.m. U.S. - Treasury Secretary Yellen Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist