Gold is near the $2,200 level again, markets await more data later in the week.
The gold futures contract gained 0.04% on Tuesday, March 26, as it continued to fluctuate below the $2,200 level. Last Thursday, gold reached a new record high of $2,225.30, before getting back below the $2,200 level again. It reacted to the Wednesday’s FOMC Rate Decision release, and on Friday, it retraced the whole advance.
Two weeks ago, gold as advancing in a reaction to economic data releases, weakening U.S. dollar and rallying stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.
This morning gold is getting closer to $2,200 again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher, as it is trading slightly below the $2,200 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.8% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s important CB Consumer Confidence release has been lower than expected at 104.7. Today, we won’t get any new economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, March 27
- 6:00 p.m. U.S. - FOMC Member Waller Speech
Thursday, March 28
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, Pending Home Sales m/m,
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist