Gold is trading in consolidation after reaching new record highs.
The gold futures contract lost 0.16% on Thursday, March 20, as it continued its short-term consolidation following a record-breaking rally. Yesterday, gold reached a new all-time high of $3,065.20 amid geopolitics, stock market’s uncertainty and weak USD.
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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading along the $3,040 level again. What about the other precious metals? Silver is 0.8% lower, platinum is 0.5% lower and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 223,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 21
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:05 a.m. U.S. - FOMC Member Williams Speech
Monday, March 24
- 4:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 4:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 5:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 5:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 1:45 p.m. U.S. - FOMC Member Bostic Speech
- 2:00 p.m. U.K. - BOE Governor Bailey Speech
- 3:10 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist