Daily Gold News: Short-term Consolidation Following Monday’s Sell-off

The gold futures contract lost 2.62% on Monday, as it broke below its recent trading range. The precious metals’ market followed an advance in U.S. dollar and stocks’ sell-off. Recently gold retraced most of the decline from September 1 local high of $2,001.20. On Wednesday it has reached new short-term local high of $1,983.80 before coming back lower. Yesterday it got close to $1,900 price mark, as we can see on the daily chart:

Gold is 0.3% lower this morning, as it is fluctuating along yesterday’s closing price. What about the other precious metals? Silver lost 10.11% on Monday and today it is 1.3% lower. Platinum lost 6.65% and today it is 0.8% higher. Palladium lost 4.16% yesterday and today it’s 0.9% higher. So precious metals are fluctuating following yesterday’s sell-off this morning.

Today there will be a Testimony from the Fed Chair Powell at 10:30 a.m. We will also get the Existing Home Sales and Richmond Manufacturing Index releases at 10:00 a.m.

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

Tuesday, September 22

• 10:00 a.m. U.S. – Existing Home Sales, Richmond Manufacturing Index
• 10:00 a.m. Eurozone – Consumer Confidence
• 10:30 a.m. U.S. – Fed Chair Powell Testimony

Wednesday, September 23

• 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:00 a.m. U.S. – FOMC Member Mester Speech, HPI m/m
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – Fed Chair Powell Testimony
• 2:00 p.m. U.S. – FOMC Member Quarles Speech

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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.

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