Gold is still trading sideways; markets await the important FOMC news.
The gold futures contract lost 0.21% on Tuesday, March 19, as it further extended its fluctuations following a record-breaking advance from the previous Friday. Yesterday, gold traded closer to the $2,150 level again, before rebounding and closing slightly lower.
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 ahead of the Fed release later in the day, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading below the $2,160 level again. What about the other precious metals? Silver is 0.4% lower, platinum is 0.1% higher and palladium is 1.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Building Permits and Housing Starts releases have been higher than expected. Today, the markets will get the important FOMC Rate Decision at 2:00 p.m., and the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, March 21
- 4:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 4:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 5:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 5:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 12:00 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist