gold, silver

Daily Gold News: Tuesday, Mar. 23 – Gold’s Narrowing Trading Range

The gold futures contract lost 0.21% on Monday, as it continued to fluctuate within a short-term consolidation following rebound from the previous Monday’s local low of $1,763.30. Last Wednesday’s FOMC release led to an increased volatility. However, gold went basically sideways. In the previous week yellow metal’s price was the lowest since early June. Today gold trades within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% higher this morning, as it is extending its sideways move. What about the other precious metals? Silver is 0.9% lower, platinum is 0.8% lower and palladium is 0.4% lower today. So precious metals are mixed this morning.

Today we will get a lot of Fed-talk again along with the Fed Chair Powell testimony at 10:00 a.m., among others.

Where would the price of gold go following last Wednesday’s FOMC release? We’ve compiled the data since January of 2017, a 50-month-long period of time that contains of thirty four FOMC releases. The following chart shows average gold price path before and after the FOMC releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.61% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, March 23

  • 8:30 a.m. U.S. – Current Account
  • 10:00 a.m. U.S. – Fed Chair Powell Testimony , New Home Sales, Richmond Manufacturing Index
  • 10:10 a.m. U.S. – FOMC Member Bostic Speech
  • 1:25 p.m. U.S. – FOMC Member Brainard Speech
  • 2:45 p.m. U.S. – FOMC Member Williams Speech
  • 3:45 p.m. U.S. – FOMC Member Brainard Speech

Wednesday, March 24

  • 4:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 4:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – Fed Chair Powell Testimony
  • 11:40 a.m. Eurozone – ECB President Lagarde Speech
  • 1:35 p.m. U.S. – FOMC Member Williams Speech
  • 3:00 p.m. U.S. – FOMC Member Daly Speech
  • 7:00 p.m. U.S. – FOMC Member Evans Speech

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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