Daily Gold News: Wednesday, September 7 – Gold Bounces From $1,700 Again

Gold Price Recap

The gold futures contract lost 0.56% on Tuesday, September 6, as it fluctuated within a short-term consolidation following the recent declines. Yesterday gold rebounded to the daily high of $1,737.40, but it closed near its daily low on strengthening U.S. dollar, among other factors. This morning the yellow metal is bouncing from the $1,700 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is virtually flat this morning, as it is still trading within a consolidation along the $1,700 level. What about the other precious metals? Silver is 0.9% higher, platinum is virtually flat and palladium is 0.4% higher. So the main precious metals’ prices are mixed again this morning.

Fundamentals and Economic News Schedule

Yesterday’s important ISM Services PMI release has been better than expected at 56.9. Today we will get the Trade Balance and Beige Book releases, and speeches from the FOMC Members.

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

Wednesday, September 7

• 5:00 a.m. U.K. – Monetary Policy Report Hearings
• 8:30 a.m. U.S. – Trade Balance
• 10:00 a.m. U.S. – FOMC Member Mester Speech
• 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate, Ivey PMI
• 12:35 p.m. U.S. – FOMC Member Brainard Speech
• 2:00 p.m. U.S. – Beige Book, FOMC Member Barr Speech
• 11:05 p.m. Australia – RBA Governor Lowe Speech

Thursday, September 8

• 8:15 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
• 8:30 a.m. U.S. – Unemployment Claims
• 8:45 a.m. Eurozone – ECB Press Conference
• 9:10 a.m. U.S. – Fed Chair Powell Speech

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

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