Gold price advances above the $1,850 mark, as it gets close to previous highs.
The gold futures contract lost 0.27% on Thursday, Mar. 2, as it fluctuated following the recent advance. The market remained close to the $1,850 price level and it was trading within a relatively narrow price range despite the stock market’s volatility.
On February 2 gold reached new medium-term high of $1,975.02. Then gold retraced its over month-long advance on renewed monetary policy tightening fears. On Tuesday it reached the new local low of $1,810.80.
Today gold is extending its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher this morning, as it is trading above the $1,850 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.8% higher and palladium is 1.0% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 190,000. Today we will get the ISM Services PMI number release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Friday, March 3
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 11:00 a.m. U.S. - FOMC Member Logan Speech
- Tentative, U.S. - Fed Monetary Policy Report
Monday, March 6
- 10:00 a.m. U.S. - Factory Orders m/m
- 10:00 a.m. Canada - Ivey PMI
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
Paul Rejczak
Stock Trading Strategist