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Daily Gold News: Tuesday, Sep. 7 – Gold Gets Back Closer to $,1800

By:
Paul Rejczak
Published: Sep 7, 2021, 12:01 UTC

Today gold is 0.7% lower, as it is retracing its Friday’s advance. What about the other precious metals?

Daily Gold News: Tuesday, Sep. 7 – Gold Gets Back Closer to $,1800

In this article:

The gold futures contract lost 0.37% on Monday after gaining 1.23% on Friday. It broke above the recent local highs on Friday following the monthly jobs data release. This morning gold is trading closer to $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

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Today gold is 0.7% lower, as it is retracing its Friday’s advance. What about the other precious metals? Silver is 1.7% lower, platinum is 1.3% lower and palladium is 0.6% lower . So precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been worse than expected at only +235,000 vs. the expected number of +720,000. And the Average Hourly Earnings release has been higher than expected at +0.6% vs. +0.3%.

Today we won’t get any new important economic data announcements.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

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

Tuesday, September 7

  • 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment

Wednesday, September 8

  • 10:00 a.m. U.S. – JOLTS Job Openings
  • 10:00 a.m. Canada – BOC Rate Statement, Ivey PMI, Overnight Rate
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 1:10 p.m. U.S. – FOMC Member Williams Speech
  • 2:00 p.m. U.S. – Beige Book

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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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.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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