Daily Gold News: March 26 – Gold Is Close to $2,200 Again

Gold price is rebounding towards $2,200; Consumer Confidence data in focus.

The gold futures contract gained 0.76% on Monday, March 25, as it rebounded after the Friday’s decline of 1.1%. The market extended its consolidation below the $2,200 level. On Thursday, gold reached a new record high of $2,225.30, before getting back below the $2,200 level again. It reacted to the Wednesday’s FOMC Rate Decision release, and on Friday, it retraced the whole advance.

Two weeks ago, gold as advancing in a reaction to economic data releases, weakening U.S. dollar and rallying 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 getting back closer to $2,200, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 26 – Gold Is Close to $2,200 Again - Image 1

The gold price is 1.0% higher, as it is trading just below the $2,200 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% higher and palladium is 0.5% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s New Home Sales release has been lower than expected at 662,000. Today, we will get the important CB Consumer Confidence release at 10:00 a.m., among others.

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

Tuesday, March 26

  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 8:30 p.m. Australia - CPI y/y

Wednesday, March 27

  • 6:00 p.m. U.S. - FOMC Member Waller Speech

Paul Rejczak
Stock Trading Strategist