Daily Gold News: March 4 – Gold Price Almost at $2,100

Gold is taking a breather following Friday’s 2% rally; more economic data in focus.

The gold futures contract gained 2.00% on Friday, March 1, as it rallied after breaking above the recent trading range and the $2,050 level. The market reacted to economic data releases, weakening U.S. dollar. Recently, it was going sideways following a rebound from the February 14 local low of $1,996.40. Gold was the lowest since mid-December, after breaking below local lows from January on the CPI release.

In late January, gold was declining, but it quickly recovered losses, remaining above $2,000 mark. In early February, it bounced to the local high of $2,083.20, but then it declined and broke below the $2,050 level.

This morning gold is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 4 – Gold Price Almost at $2,100 - Image 1

The gold price is 0.2% lower, as it is trading slightly above the $2,090 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are slightly lower this morning.

Friday’s ISM Manufacturing PMI release has been worse than expected at 47.8, and the Revised UoM Consumer Sentiment release has also been lower than expected at 76.9. Today, we won’t get any new important economic data. The markets will be waiting for tomorrow’s ISM Services PMI number and Wednesday’s-Thursday’s testimony from the Fed Chair Powell.

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

Monday, March 4

  • 8:45 p.m. China - Caixin Services PMI
  • 11:00 p.m. Japan - BOJ Governor Ueda Speech

Tuesday, March 5

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
  • 12:00 p.m. U.S. - FOMC Member Barr Speech
  • 3:30 p.m. U.S. - FOMC Member Barr Speech
  • 7:30 p.m. Australia - GDP q/q
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist