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

Paul Rejczak
Published: Mar 23, 2021, 11:49 GMT+00:00

Gold is 0.1% higher this morning, as it is extending its sideways move. What about the other precious metals?

gold, silver

In this article:

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.

* * * * *


All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

Did you find this article useful?