Gold is extending a consolidation as investors await the Fed tomorrow.
The gold futures contract gained 0.13% on Monday, March 18, as it continued to trade sideways following a record-breaking advance from the previous Friday. Yesterday, gold traded closer to the $2,150 level, before rebounding and closing virtually flat.
On previous 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading slightly below the $2,160 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.8% lower and palladium is 2.8% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s NAHB Housing Market Index release has been slightly higher than expected at 51. Today, we will get the Building Permits/ Housing Starts releases at 8:30 a.m. The markets will be waiting for the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, March 19
- 12:30 a.m. Australia - RBA Press Conference
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
- All Day, Japan - Bank Holiday
Wednesday, March 20
- 3:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:45 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist