Daily Gold News: Wednesday, Sep. 29 – Gold’s Short-Term Consolidation, Still Close to $1,750

The gold futures contract lost 0.83% on Tuesday, as it slightly 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 bouncing back and it gets closer to $1,750 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.6% higher, as it is retracing yesterday’s decline. What about the other precious metals? Silver is 0.6% lower, platinum is 0.3% higher and palladium is 1.5% higher. So precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been worse than expected at 109.3 vs. a forecast of 115.2. Today we will get the Pending Home Sales release at 10:00 a.m. We will also have a series of Central Banks releases.

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

Wednesday, September 29

  • 1:00 a.m. U.S. – Pending Home Sales m/m
  • 11:45 a.m. U.S. – Fed Chair Powell Speech
  • 11:45 a.m. Eurozone – ECB President Lagarde Speech
  • 11:45 a.m. Japan – BOJ Governor Kuroda Speech
  • 11:45 a.m. U.K. – BOE Governor Bailey Speech
  • 2:00 p.m. U.S. – FOMC Member Bostic Speech
  • 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI
  • 9:45 p.m. China – Caixin Manufacturing PMI

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

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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