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.

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