GoldPrice

Gold prices have started the week with some upward momentum after challenging—and then solidifying—support at the $1290 in the overnight session. After laying the groundwork during the first hours of New York’s trading session, the yellow metal was given a boost from lower than expected numbers in the February US Retail report; the month-over-month number showed an unanticipated drop.

After a real back-end-of-the-rollercoaster kind of week, gold markets are heading towards the Friday close having set strong support at the $1290/oz level. Thursday’s $20 collapse in prices was likely initiated by direct action in the gold markets: with the end-of-month roll for future contracts and another failure to break $1320/oz, traders likely took the opportunity to sell their closing month gold positions and take profits rather than roll those contracts into the next active month.

This week’s economic calendar gives us a much lighter dance card compared to last week, but we will be examining the aftermath of Wednesday’s FOMC announcement and updated economic projections monthly through the lens of public comments from Fed officials at home at abroad.

Happy Friday traders, unless you’re only reading this after coming out of the cave of NCAA Tournament first-round games. In which case, happy…Monday?

Gold price is up nearly $10 from Tuesday evening’s market open and close to $15 higher than the intraday lows, as Chairman Jerome Powell and the Federal Reserve delivered another stringently dovish set of updated economic projections following the March FOMC meeting.

Gold markets have kicked the week off with some healthy trading in the Sunday/overnight sessions, offering yellow metal at $1306/oz. After a mild sell-off at the Sunday evening open, gold looked likely to stay pinned around the $1299.50-level through the Asian session until strong buying stepped-in during the start of trading in London, re-breaking into $1300 and setting gold prices where we see them now.