Daily Gold News: Mar. 15 – Gold Trades Within a Consolidation

Gold price fluctuates along the $1,900 level as markets remain volatile on banking crisis.

The gold futures contract lost 0.29% on Tuesday, Mar. 14, as it fluctuated following the recent rally. On Friday gold gained 1.8% and on Monday it gained 2.6%. The market reacted to the ongoing U.S. banking crisis as stock markets were selling off and treasuries rallying.

On Tuesday a week ago the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from its Wednesday’s local low.

Today gold is trading along the $1,900 level as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.2% higher this morning as it is extending a short-term consolidation. What about the other precious metals? Silver is 0.6% higher, platinum is 2.0% lower and palladium is 4.4% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s important Consumer Price Index release has been as expected at +0.4% m/m. Today we will get the Producer Price Index along with the Retail Sales releases at 8:30 a.m., among others. The markets will continue to react to the U.S. banking crisis news. It remains the hottest topic right now.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Wednesday, March 15

  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
  • 8:30 a.m. U.K. - Annual Budget Release
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 8:30 a.m. Australia - Employment Change, Unemployment Rate, RBA Bulletin

Thursday, March 16

  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices m/m
  • 9:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 9:45 a.m. Eurozone - ECB Press Conference

Paul Rejczak
Stock Trading Strategist