Gold is extending its consolidation despite weaker USD.
The gold futures contract lost 0.43% on Friday, March 7, as it extended a short-term consolidation following its recent rebound. The market advanced on geopolitics, stock market’s uncertainty, weaker USD. On the previous week, gold pulled back from its record high of $2,973.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is slightly lower, ewxtending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading slightly above the $2,900 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.2% higher and palladium is 0.2% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been slightly lower than expected at +151,000. Today, we won’t get any new important data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 10
- All Day, Eurozone - Eurogroup Meetings
Tuesday, March 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - JOLTS Job Openings
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist