Daily Gold News: Wednesday, August 31 – Gold Gets Closer to $1,700 Price Level

Gold Price Recap

The gold futures contract lost 0.77% on Tuesday, August 30, as it traded within its Monday’s daily range. On Friday it retraced its earlier advances following a speech from the Fed Chair Powell at the Jackson Hole Symposium. This morning yellow metal is extending the downtrend, as it is trading the lowest since late July, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.7% lower this morning, as it is closer to the $1,700 price level. What about the other precious metals? Silver is 2.4% lower, platinum is 0.8% lower and palladium is 0.4% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s CB Consumer Confidence and JOLTS Job Openings releases have been higher than expected. Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m. There will also be the Chicago PMI release at 9:45 a.m. Investors will be waiting for the Thursday’s ISM Manufacturing PMI and Friday’s monthly jobs data releases.

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

Wednesday, August 31

• 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
• 8:00 a.m. U.S. – FOMC Member Mester Speech
• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:45 a.m. U.S. – Chicago PMI
• 9:45 p.m. China – Caixin Manufacturing PMI

Thursday, September 1

• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 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
• All Day, U.S. – Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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