Daily Gold News: Precious Metals’ Short-Term Consolidation Continues

The gold futures contract lost 0.56% on Friday, as it extended a short-term consolidation following the decline after breaking below the price level of $1,900. The market reached the lowest since late July last week. Gold keeps retracing its rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar rally, among other factors. Gold also broke below its mid-August local low, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% lower this morning, as it is trading along Friday’s daily closing price. What about the other precious metals? Silver lost 0.4% on Friday and today it is 0.1% higher. Platinum gained 0.48% and today it is 1.7% higher. Palladium lost 0.21% on Friday and today it’s 1.2% higher. So precious metals are mixed this morning.

Friday’s Durable Goods Orders release has been worse than expected. Today we won’t get any important data releases. However, there will be a lot of Fed and ECB talk this week. We will also have the important monthly jobs data release on Friday.

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

Monday, September 28

• 9:45 a.m. Eurozone – ECB President Lagarde Speech
• 2:00 p.m. U.S. – FOMC Member Mester Speech

Tuesday, September 29

• 8:30 a.m. U.S. – Preliminary Wholesale Inventories m/m, Goods Trade Balance
• 9:15 a.m. U.S. – FOMC Member Williams Speech
• 9:30 a.m. U.S. – FOMC Member Harker Speech
• 10:00 a.m. U.S. – CB Consumer Confidence
• 11:40 a.m. U.S. – FOMC Member Clarida Speech
• 1:00 p.m. U.S. – FOMC Member Quarles Speech, FOMC Member Williams Speech
• 3:00 p.m. U.S. – FOMC Member Quarles Speech
• 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI
• 9:45 a.m. China – Caixin Manufacturing PMI

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

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.

* * * * *

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.