The gold futures contract lost 0.84% on Wednesday, as it further extended a short-term downtrend following breaking below $1,750 price level. Recently, the market continued to trade along the $1,750 price level after breaking below local lows of around $1,780 more than w week ago as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. This morning gold is trading along yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.2% lower, as it is trading close to yesterday’s local low. What about the other precious metals? Silver is 0.1% lower, platinum is 0.5% higher and palladium is 2.1% higher. So precious metals’ prices are mixed this morning.
Yesterday’s Pending Home Sales release has been higher than expected at +8.1%. Today we will get the Final GDP, Unemployment Claims and Chicago PMI releases. We will also have a testimony from the Fed Chair Powell at 10:00 a.m. and some more Fed-talk later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, September 30
- 8:30 a.m. U.S. – Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
- 9:45 a.m. U.S. – Chicago PMI
- 10:00 a.m. U.S. – FOMC Member Williams Speech
- 11:00 a.m. U.S. – FOMC Member Bostic Speech
- 12:30 p.m. U.S. – FOMC Member Evans Speech
- Tentative, Japan – BOJ Governor Kuroda Speech
- All Day, China – Bank Holiday
Friday, October 1
- 3:55 a.m. Eurozone – German Final Manufacturing PMI
- 8:30 a.m. U.S. – Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada – GDP m/m
- 9:45 a.m. U.S. – Final Manufacturing PMI
- 10:00 a.m. U.S. – ISM Manufacturing PMI, Revised UoM Consumer Sentiment, Construction Spending m/m, ISM Manufacturing Prices, Revised UoM Inflation Expectations
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
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