Daily Gold News: Short-Term Consolidation Following Recent Declines

The gold futures contract gained 0.45% on Thursday, as it fluctuated following the decline after breaking below the price level of $1,900. The market reached the lowest since late July. 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 0.5% lower this morning, as it is trading within yesterday’s daily trading range. What about the other precious metals? Silver gained 0.39% on Thursday and today it is 2.0% lower. Platinum lost 0.59% and today it is 1.1% lower. Palladium lost 1.39% yesterday and today it’s 2.0% lower. So precious metals are extending their downtrend this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 870,000 and the New Home Sales number has been better than expected at 1,011 million. The main stock market indexes went sideways following the recent decline.

Today we will get the Durable Goods Orders release at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, September 25

• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
• 3:10 p.m. U.S. – FOMC Member Williams Speech

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.