Daily Gold News: Wednesday, September 9 – Gold Still Sideways

The gold futures contract gained 0.46% on Tuesday, as it extended its short-term consolidation following last week’s Wednesday’s decline of over 1.7%. The market bounced off $2,000 resistance level. On Friday the intraday volatility has been relatively low despite monthly jobs data release. And the stock market’s rout didn’t trigger any significant move in gold recently. Gold price is trading within a month-long consolidation, as we can see on the daily chart:

Gold is 0.5% lower this morning, as it is trading within yesterday’s range. What about the other precious metals? Silver gained 1.04% on Tuesday and today it is 0.7% lower. Platinum gained 1.35% and today it is unchanged. Palladium lost 1.60% on Tuesday and today it’s 1.0% lower. So precious metals are lower this morning.

Today we will get the JOLTS Job Openings release at 10:00 a.m. At the same time, Bank of Canada’s monetary policy update will be released.

The market will wait for Thursday’s ECB Monetary Policy Statement along with the ECB Press Conference.

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

Wednesday, September 2

• 10:00 a.m. U.S. – JOLTS Job Openings
• 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate

Thursday, September 3

• 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
• 8:30 a.m. Eurozone – ECB Press Conference
• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 12:30 a.m. Canada – BOC Governor Macklem Speech
• 1:00 p.m. Eurozone – ECB President Lagarde 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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