Daily Gold News: Thursday, Sep. 30 – Gold’s Consolidation Following Yesterday’s Decline

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.

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

* * * * *

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.