Daily Gold News: March 6 – Gold Price Extended its Rally Again

Gold went close to the early December all-time high; markets await Powell.

The gold futures contract gained 0.73% on Tuesday, March 5, as it extended its Friday’s-Monday’s rally. Gold went close to its December 4 intraday record high of $2,152.30. On Friday, 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 along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 6 – Gold Price Extended its Rally Again - Image 1

The gold price is 0.1% lower, as it is trading along the $2,140 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.8% higher and palladium is 1.4% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Services PMI release has been slightly lower than expected at 52.6. Today, we will get the JOLTS Job Openings release at 10:00 a.m., among others. The markets are waiting for the important Fed Chair Powell’s Testimony at 10:00 a.m.

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

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

Thursday, March 7

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony
  • 11:30 a.m. U.S. - FOMC Member Mester Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist