Daily Gold News: Thursday, Mar. 11 – Gold Extending Rebound

The gold futures contract gained 0.29% on Wednesday, as it retraced some more of its recent declines that led to $1,700 price level breakdown. The yellow metal sold off following U.S. dollar’s advance, stocks’ correction. On Monday the market was the lowest since early June last year. Today gold is extending its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.4% higher this morning, as it is trading closer to early March local highs. What about the other precious metals? Silver is 0.1% higher, platinum is 1.6% higher and palladium is 1.3% higher today. So precious metals are higher this morning.

Yesterday’s important Consumer Price Index release has been as expected at +0.4%. Today we will get the ECB Monetary Policy Statement at 7:45 a.m. and then the U.S. Unemployment Claims number at 8:30 a.m.

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

Thursday, March 11

• 7:45 a.m. Eurozone – Monetary Policy Statement , Main Refinancing Rate
• 8:30 a.m. U.S. – Unemployment Claims
• 8:30 a.m. Eurozone – ECB Press Conference
• 10:00 a.m. U.S. – JOLTS Job Openings

Friday, March 12

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

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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