Gold

Beginning on Tuesday, March 7, a series of events and reports most certainly will have a tremendous impact on the direction of gold prices as well as the magnitude of gold’s overall price gains or losses. On Tuesday the chairman of the Federal Reserve Jerome Powell will address the Senate Banking Committee marking the beginning of a two-day event.

Market participants continue to be laser-focused on upcoming changes to the monetary policy of the Federal Reserve. It is the monetary policy of the Federal Reserve and its challenge of bringing inflation down that has been one of the primary drivers of price changes in the financial markets across the board.

A major component of dollar weakness today was a report out of China indicating that their manufacturing complex is in a period of robust growth. This is a major component of China’s economic reopening following its massive shutdown. Another factor resulting in bearish pressure on the dollar was euro strength.

After four consecutive days in gold traded to a lower high, a lower low, and a lower close than the previous day, traders have witnessed a pivot that began yesterday. Gold futures traded to the lowest value today hitting an intraday low of $1810.80. This follows yesterday’s prior lowest low of $1812.

Gold vs US Dollar Today