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Daily Gold News: Monday, September 5 – Gold Price Going Sideways

By:
Paul Rejczak
Published: Sep 5, 2022, 11:55 GMT+00:00

The U.S. long holiday weekend will likely lead to a lower intraday volatility.

Gold FX Empire

In this article:

Gold Price Recap

The gold futures contract gained 0.78% on Friday, September 2, as it retraced its Thursday’s decline of 1.0%. The market accelerated the intraday advance after monthly jobs data release.

Gold bounced from the Thursday’s local low of $1,699.10. This morning the yellow metal is trading along its Friday’s closing price, 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 0.1% higher this morning, as it is trading sideways and along the Friday’s closing price. What about the other precious metals? Silver is 0.9% higher, platinum is 1.2% higher and palladium is virtually flat. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Friday’s Non-Farm Employment Change release has been higher than expected at 315,000 and the Unemployment Rate has also been higher than expected at 3.7%. The Average Hourly Earnings release has been slightly lower than expected at +0.3% m/m. Today we won’t get any new important economic data releases. The U.S. long holiday weekend will likely lead to a lower intraday volatility.

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

Monday, September 5

  • All Day – OPEC-JMMC Meetings
  • All Day, U.S. – Bank Holiday
  • All Day, Canada – Bank Holiday

Tuesday, September 6

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • 9:30 p.m. Australia – GDP q/q

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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