Daily Gold News: Friday, Mar. 18 – Gold Bounced From $1,900 Price Level

The gold futures contract gained 1.78% on Thursday, Mar. 17, as it retraced some of the recent decline. The market fell slightly below the $1,900 level on Wednesday, before the FOMC release, and yesterday it was trading as high as $1,950. This morning the yellow metal is trading within its yesterday’s daily range, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.5% lower, platinum is 1.3% higher and palladium is 2.4% higher. So the main precious metals’ prices are slightly lower this morning.

Yesterday’s Unemployment Claims release has been better than expected at 214,000 and the Industrial Production release has been as expected at +0.5%. Today we will get the Existing Home Sales and CB Leading Index releases.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

Where would the price of gold go following Wednesday’s Fed release?

We’ve compiled the data since January of 2017, a 60-month-long period of time that contains of forty two FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on January 26. Gold price was 0.4% higher 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 42 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 0.66% higher 10 days after the FOMC Statement announcement.

Economic news and schedule

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today.

Friday, March 18

• 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
• Tentative, Japan – BOJ Press Conference

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

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

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