Daily Gold News: March 15 – Gold Extends Consolidation

Gold price keeps going sideways, remaining below the $2,200 level.

The gold futures contract lost 0.61% on Thursday, March 14, as it continued to fluctuate within a short-term consolidation below the $2,200 level. Last week on Friday, gold reached a new record high of $2,203. It kept reacting to economic data releases, weakening U.S. dollar and advancing stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.

This morning gold is still trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 15 – Gold Extends Consolidation - Image 1

The gold price is 0.2% higher, as it is trading along the $2,170 level again. What about the other precious metals? Silver is 1.2% higher, platinum is 1.4% higher and palladium is 2.9% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Producer Price Index release has been higher than expected at +0.6% m/m, and the Retail Sales number has been lower than expected at +0.6% m/m. Today, we will get the Empire State Manufacturing Index, Michigan Consumer Sentiment releases, among others.

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

Friday, March 15

  • 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

Monday, March 18

  • 10:00 a.m. U.S. - NAHB Housing Market Index
  • 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate

Paul Rejczak
Stock Trading Strategist