Daily Gold News: Mar. 28 – More Short-Term Uncertainty

Gold price remains below $2,000, as markets continue trading sideways.

The gold futures contract lost 1.51% on Monday, Mar. 27, as it retraced its Wednesday’s advance after bouncing down from the $2,000 price level again. Last week it retreated from Monday’s new medium-term high of $2,014.90, before getting back closer to the 2,000 level on Thursday and on Friday. There is still a lot of uncertainty following the banking crisis.

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 along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is virtually flat this morning as it is trading slightly above the $1,950 level. What about the other precious metals? Silver is 0.2% lower, platinum is 1.2% lower and palladium is 0.9% lower. So the main precious metals’ prices are virtually flat this morning.

Yesterday we didn’t get any new important economic data. Today the markets will be waiting for the important CB Consumer Confidence release at 10:00 a.m., among others.

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

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

Wednesday, March 29

  • 10:00 a.m. U.S. - Pending Home Sales m/m

Paul Rejczak
Stock Trading Strategist