Daily Gold News: Monday, Mar. 22 – Gold Still Going Sideways

The gold futures contract gained 0.53% on Friday, as it extended its short-term consolidation following rebound from the previous Monday’s local low of $1,763.30. The Wednesday’s FOMC release led to an increased volatility. However, gold went basically sideways. In the previous week ago yellow metal’s price was the lowest since early June. Today gold continues to trade within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.7% lower this morning, as it is retracing Friday’s advance. What about the other precious metals? Silver is 2.7% lower, platinum is 1.9% lower and palladium is 0.4% lower today. So precious metals are lower this morning.

Today we will get a lot of Fed-talk. There will be the Fed Chair Powell speech at 9:00 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:

Monday, March 22

• 9:00 a.m. U.S. – Fed Chair Powell Speech
• 10:00 a.m. U.S. – Existing Home Sales, FOMC Member Barkin Speech
• 1:00 p.m. U.S. – FOMC Member Daly Speech
• 1:30 p.m. U.S. – FOMC Member Quarles Speech
• 7:15 p.m. U.S. – FOMC Member Bowman Speech

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

Paul Rejczak

Stock Selection Strategist

Sunshine Profits: Analysis. Care. Profits.

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