Gold is extending its rally ahead of economic data, tomorrow’s Powell.
The gold futures contract gained 1.46% on Monday, March 4, as it further extended its Friday’s rally of 2%. Recently, the market accelerated the uptrend after breaking above $2,050 level and a two-week-long trading range. The market keeps reacting to economic data releases, weakening U.S. dollar, stock prices advances. On February 14, 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 around $2,080, but then it declined and broke below the $2,050 level.
This morning gold is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading along the $2,130 level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.5% lower and palladium is 2.0% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the ISM Services PMI release at 10:00 a.m., among others. The markets will be waiting for tomorrow’s and 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).
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
Wednesday, March 6
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, JOLTS Job Openings, Final Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Daly Speech
- 2:00 p.m. U.S. - Beige Book
Paul Rejczak
Stock Trading Strategist