Daily Gold News: Mar. 21 – Gold Price Retraces Some of The Rally

Gold bounced down from the $2,000 level, tomorrow’s FOMC Rate Decision is in focus.

The gold futures contract gained 0.47% on Monday, Mar. 20, as it accelerated its uptrend after breaking above the $2,000 level. The daily high was at $2,014.90, however gold closed at $1,982.80. Yesterday’s volatility was caused by the ongoing banking crisis news.

In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is retracing some more of the recent rally as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.5% lower this morning as it is trading along the $1,970 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.8% lower and palladium is 0.2% lower. So the main precious metals’ prices are lower this morning.

Yesterday we didn’t get any important economic data releases. Today we will have the Existing Home Sales number release at 10:00 a.m., however, the markets will be waiting for the important FOMC monetary policy release tomorrow. They will also continue to react to the banking crisis news.

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

Tuesday, Match 21

  • 6:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 8:30 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - Existing Home Sales

Wednesday, March 22

  • 3:00 a.m. U.K. - CPI y/y
  • 4:45 a.m. Eurozone - ECB President Lagarde Speech
  • 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate, FOMC Economic Projections
  • 2:30 p.m. U.S. - FOMC Press Conference

Paul Rejczak
Stock Trading Strategist