Daily Gold News: Tuesday, Sep. 28 – Gold Breaks Below the Recent Lows

The gold futures contract gained 0.02% on Monday, as it extended a short-term consolidation following last Thursday’s decline to around $1,740. The market continued to trade along the $1,750 price level after breaking below local lows of around $1,780 more than w week ago as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. This morning gold is trading below the recent local lows, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.9% lower, as it is trading closer to $1,730 price level. What about the other precious metals? Silver is 2.0% lower, platinum is 1.0% lower and palladium is 2.1% lower. So precious metals’ prices are lower this morning.

Yesterday’s Durable Goods Orders release has been higher than expected at +1.8%. Today we will get the CB Consumer Confidence, U.S. Goods Trade Balance and Wholesale Inventories releases. We will also get a series of the Fed Members speeches. At 10:00 there will also be the Fed Chair Powell Testimony.

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

Tuesday, September 28

• 8:00 a.m. Eurozone – CB President Lagarde Speech
• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:00 a.m. U.S. – FOMC Member Evans Speech, HPI m/m, S&P/CS Composite-20 HPI y/y
• 10:00 a.m. U.S. – Fed Chair Powell Testimony, CB Consumer Confidence, Richmond Manufacturing Index
• 1:40 p.m. U.S. – FOMC Member Bowman Speech
• 3:00 p.m. U.S. – FOMC Member Bostic Speech

Wednesday, September 29

• 1:00 a.m. U.S. – Pending Home Sales m/m
• 11:45 a.m. U.S. – Fed Chair Powell Speech
• 11:45 a.m. Eurozone – ECB President Lagarde Speech
• 11:45 a.m. Japan – BOJ Governor Kuroda Speech
• 11:45 a.m. U.K. – BOE Governor Bailey Speech
• 2:00 p.m. U.S. – FOMC Member Bostic Speech
• 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI
• 9:45 p.m. China – Caixin Manufacturing PMI

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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