Daily Gold News: Mar. 6 – Gold Price Remains Above $1,850

Gold trades along its Friday’s closing price as markets await tomorrow’s Powell’s testimony.

The gold futures contract gained 0.77% on Friday, Mar. 3, as it broke above the $1,850 price level following stock market’s rally, among other factors. The market extended its short-term uptrend and a bounce from the February 28 local low of $1,810.80.

On February 2 gold reached new medium-term high of $1,975.02. Then gold retraced its over month-long advance on renewed monetary policy tightening fears.

Today gold is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.1% higher this morning, as it is still trading above the $1,850 level. What about the other precious metals? Silver is 0.7% lower, platinum is 1.3% lower and palladium is 2.8% lower. So the main precious metals’ prices are mixed this morning.

Friday’s ISM Services PMI release has been higher than expected at 55.1. Today we will get the Factory Orders release at 10:00 a.m. The markets will be waiting for tomorrow’s Fed Chief Powell’s testimony.

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

Monday, March 6

  • 10:00 a.m. U.S. - Factory Orders m/m
  • 10:00 a.m. Canada - Ivey PMI
  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement

Tuesday, Match 7

  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Final Wholesale Inventories m/m
  • 4:55 p.m. Australia - RBA Governor Lowe Speech

Paul Rejczak
Stock Trading Strategist