The yellow metal extends its consolidation below the $2,000 price level.
The gold futures contract lost 0.61% on Friday, Mar. 24, as it extended a short-term consolidation along the $2,000 price level. Last week it retreated from the Monday’s new medium-term high of $2,014.90, before bouncing back closer to the 2,000 level on Thursday and on Friday.
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 extending its Friday’s decline as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% lower this morning as it is trading along the $1,970 level. What about the other precious metals? Silver is 1.2% lower, platinum is 2.5% lower and palladium is 0.8% lower. So the main precious metals’ prices are lower this morning.
Friday’s U.S. Flash Services PMI, Flash Manufacturing PMI releases have been higher than expected. Today we won’t get any new important economic data. 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 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
Tuesday, Match 28
- 4:45 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - Preliminary Wholesale Inventories m/m, Goods Trade Balance
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index, FOMC Member Barr Speech
- 8:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist