Precious Metals Market Updates March 8 – March 12


Welcome back to another instant update, where we recap all the latest news on the precious metals market updates from March 8 – March 15. After weeks of turmoil Gold finally saw a bit of a positive week. To start the week Gold prices did plunge, testing a new low at $1676.77 (USD/Oz) in its recent bearish movement. This selloff was a result of the recent trend the market was going in. Technicals were overpowered and pushed the price to these 9 month lows. This movement was cut short as bulls eventually took the opportunity to buy into the yellow metal at these new lows, thus resulting in a market correction and Gold slightly moving up. The battle between the bears and the bulls continued into the week as we saw lots of stability around the $1715 (USD/Oz) level. Then on Wednesday, news was released about the US Consumer Price Index (CPI) as well as the Core CPI month over month growth. This news aided the bulls in the market as the core CPI was less than the forecast, which is bad news for the Dollar but good news for metals. Moving on, on Thursday we saw Gold prices fall again which was a direct result of decreased unemployment claims and an increase in job openings. This news shows us that the economy is headed towards recovery which is great for the Dollar but not so great for metals. This drop extended into Friday as the bears had the power in the market and pushed prices all the way back down to the psychological support at $1700 (USD/Oz). Prices however quickly corrected and went back up to close the week off strong. Gold prices are in a position right now that is poised with great uncertainty. Yet, the technicals and volume are suggesting we may see optimism in the near future. This is especially with Biden’s overall $1.9 Trillion Dollar stimulus plan. We are hopeful to see some more upside in the coming weeks for Gold.

The week began very choppy as Gold tested new lows, touching $1676.77 (USD/Oz). This was a 9 month low for the yellow metal which was a result of the continuous downtrend we have seen in the past couple of weeks. Early in the week, Gold closed at 1685 (USD/Oz).

Midweek there the bulls had taken over after purchasing at new lows finding a great entry on their buy positions. Fundamentals also came into play when the core CPI month over month suggested that there wasn’t any growth from the previous month. This helped boost up the price, allowing Gold to close midweek at $1726 (USD/Oz).

Finally to end the precious metal market updates from March 8 to March 12, Gold ended on a positive note and had its dip and correction on Thursday/Friday. Investors and traders sought out the opportunity to buy back into new positions when Gold prices touched the psychological support at $1700 (USD/Oz). Thus, to end the week, Gold bounced back and closed at $1727 (USD/Oz).