Daily Gold News: Mar. 7 – Gold Is Below $1,850 Level Again

Precious metals’ prices retrace some of their recent advance ahead of the Powell’s testimony.

The gold futures contract was virtually flat on Monday, Mar. 6, as it fluctuated above the $1,850 price level following its Friday’s advance of 0.8%. On Friday 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 below the $1,850 level again, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.4% lower this morning, as it is retracing some of the recent advance ahead of series of economic data releases, including the Fed Chief Powell’s testimony. What about the other precious metals? Silver is 0.9% lower, platinum is 1.4% lower and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s Factory Orders release has been slightly higher than expected at -1.6% m/m.

Today we will get the Fed Chief Powell’s testimony at 10:00 a.m., and the markets will be waiting for tomorrow’s ADP Non-Farm Employment Change release, among others.

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

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

Wednesday, March 8

  • 5:00 a.m. Eurozone - ECB President Lagarde Speech
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Trade Balance
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, JOLTS Job Openings
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 2:00 p.m. U.S. - Beige Book

Paul Rejczak
Stock Trading Strategist