Daily Gold News: Mar. 30 – Gold Price Is Still Going Sideways
Gold extends its short-term consolidation; still below the $2,000 level.
The gold futures contract gained 0.56% on Wednesday, Mar. 29, as it further extended its consolidation below the $2,000 price level. On Monday the market retraced its last week’s advance after bouncing down from $2,000. Recently it retreated from new medium-term high of $2,014.90. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hike.
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 sideways 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 trading above the $1,980 level. What about the other precious metals? Silver is 1.8% higher, platinum is 0.9% higher and palladium is 0.7% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s Pending Home Sales release has been higher than expected +0.8% m/m. Today we will get the Final GDP, Unemployment Claims releases at 8:30 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).
Thursday, March 30
- 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q , Unemployment Claims
- 3:45 p.m. U.S. - Treasury Secretary Yellen Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Friday, March 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 3:05 p.m. U.S. - FOMC Member Williams Speech
- Tentative, Eurozone - ECB President Lagarde Speech
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