Daily Gold News: Mar. 23 – Gold Price Extends Its Fluctuations

Gold fluctuated following the Fed’s release yesterday; today it’s closer to $2,000 again.

The gold futures contract gained 0.44% on Wednesday, Mar 22. as it was trading sideways following the FOMC monetary policy release. The market traded within its Tuesday’s daily range and it closed relatively neutral yesterday. Gold retreated from the Monday’s high of $2,014.90.

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 trading higher again as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.4% higher this morning as it is trading along the $1,980 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.4% higher and palladium is 0.2% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s FOMC monetary policy release and the Fed’s Press Conference led to an increased volatility. Today we will get the Unemployment Claims and New Home Sales releases.

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

Thursday, March 23

  • 8:00 a.m. U.K. - Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
  • 8:30 a.m. U.S. - Unemployment Claims, Current Account
  • 10:00 a.m. U.S. - New Home Sales

Friday, March 24

  • 4:15 a.m. Eurozone - French Flash Services PMI, French Flash Manufacturing PMI
  • 4:30 a.m. Eurozone - German Flash Services PMI, German Flash Manufacturing PMI
  • 5:00 a.m. Eurozone - Flash Services PMI, Flash Manufacturing PMI
  • 5:30 a.m. U.K. - Flash Services PMI, Flash Manufacturing PMI
  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:45 a.m. U.S. - Flash Services PMI, Flash Manufacturing PMI

Paul Rejczak
Stock Trading Strategist