Gold continues a short-term consolidation, remianing near its all-time high.
The gold futures contract gained 0.34% on Tuesday, March 25, as it moved sideways again, remaining near record highs. Last week, gold kept rallying amid geopolitics, stock market’s uncertainty and a weak U.S. dollar.
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 0.1% higher, as it is trading along the $3,060 level again (new series of the futures contract). What about the other precious metals? Silver is 0.3% higher, platinum is 0.1% lower and palladium is unchanged. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 92.9. Today, we will get the Durable Goods Orders number at 8:30 a.m., 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 26
- 3:00 a.m. U.K. - CPI y/y
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - FOMC Member Kashkari Speech
- 1:10 p.m. U.S. - FOMC Member Musalem Speech
- Tentative, U.K. - Annual Budget Release
Thursday, March 27
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 4:30 p.m. U.S. - FOMC Member Barkin Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
Paul Rejczak
Stock Trading Strategist