Daily Gold News: Tuesday, Mar. 9 – Consolidation, Gold Back Above $1,700

The gold futures contract lost 1.21% on Monday, as it extended its downtrend following the recent U.S. dollar‘s advance, stocks’ sell-off. Last week the market fell below $1,700 price level and it was the lowest since early June last year. Today gold is retracing yesterday‘s decline, as we can see on the daily chart ( the chart includes today’s intraday data):

[fx-image src=/2021/03/word-image-205.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/03/word-image-205.png originalWidth=1223 ratio=1.37]

[fx-forecasts-cta instrument=gold broker=etoro link=https://ad.doubleclick.net/ddm/clk/483365997;289793667;u disclaimer=75%_of_retail_CFD_investors_lose_money]

Gold is 1.5% higher this morning, as it is trading above $1,700 price level. What about the other precious metals？ Silver is 2.5% higher, platinum is 2.7% higher and palladium is 0.4% higher today. So precious metals are higher this morning.

Yesterday‘s Wholesale Inventories release has been as expected at +1.3%. Today we won’t get any new important economic data announcements. The market will be waiting for WednesdaysConsumer Price Indexrelease.

Where would the price of gold go following Friday‘s NFP release？We’ve compiled the data since September of 2018, a 30-month-long period of time that contains of thirty NFP releases.

The chart shows the average gold price path before and after the NFP releases for the past 30 months. The market was usually advancing ahead of the release day and closing 0.40% higher on the 10th day after the NFP release.

[fx-image src=/2021/03/word-image-206.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/03/word-image-206.png originalWidth=601 ratio=1.38]

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

Tuesday, March 9

• 5:00 p.m. Australia – RBA Governor Lowe Speech

• 8:30 p.m. China – CPI y/y, PPI y/y

Wednesday, March 10

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m

• 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate

For a look at all of todays economic events, check out our economic calendar.

Paul Rejczak

Stock Selection Strategist

Sunshine Profits: Analysis. Care. Profits.

Sign up for our free gold, stock, and oil newsletter today!

* * * * *

Disclaimer

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.

[fx-article-ad]