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Daily Gold Update: Friday, September 30 – Gold’s Short-Term Consolidation

By:
Paul Rejczak
Published: Sep 30, 2022, 12:21 UTC

Gold is 0.2% higher this morning, as it is trading above the the $1,660 level. What about the other precious metals?

Gold FX Empire

In this article:

Gold Price Forecast

The gold futures contract lost 0.08% on Thursday, September 29, as it went sideways following its Wednesday’s rebound of 2.1%. On Wednesday the market got back above the $1,650 price level after reaching new medium-term low of $1,622.20. It was the lowest since Spring of 2020. This morning gold extended its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):

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Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading above the the $1,660 level. What about the other precious metals? Silver is 1.2% higher, platinum is virtually flat and palladium is 0.2% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Unemployment Claims release has been lower than expected at 193,000. Today we will get the important Core PCE Price Index release at 8:30 a.m., among others.

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

Friday, September 30

  • 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. U.S. – Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
  • 9:00 a.m. U.S. – FOMC Member Brainard Speech
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 11:00 a.m. U.S. – FOMC Member Bowman Speech
  • 4:15 p.m. U.S. – FOMC Member Williams Speech
  • All Day, Canada – Bank Holiday

Monday, October 3

  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • 11:30 p.m. Australia – Cash Rate, RBA Rate Statement
  • All Day, Eurozone – German Bank Holiday

Paul Rejczak
Stock Trading 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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