Gold is rebounding slightly as it remains below the $2,200 level.
The gold futures contract lost 1.13% on Friday, March 22, as it retraced more of the Thursday’s record-breaking rally. On Thursday, gold reached a new record high of $2,225.30, before getting back below the $2,200 level again. The market 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 rebounding from its Friday’s low, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,170 level. What about the other precious metals? Silver is 0.1% higher, platinum is 1.3% higher and palladium is 2.0% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the New Home Sales data at 10:00 a.m. The markets will be waiting for tomorrow’s CB Consumer Confidence release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 25
- 8:25 a.m. U.S. - FOMC Member Bostic Speech
- 10:00 a.m. U.S. - New Home Sales
Tuesday, March 26
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 8:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist