Daily Gold News: Wednesday, September 23 – Gold Below $1,900

The gold futures contract lost 0.16% on Tuesday, as it fluctuated following its Monday’s sell-off of 2.6%. The precious metals’ market followed an advance in U.S. dollar and stocks’ sell-off early in the week. Recently gold retraced most of the decline from September 1 local high of $2,001.20. On Wednesday it has reached new short-term local high of $1,983.80 before coming back lower. This week it got close to $1,900 price mark, as we can see on the daily chart:

Gold is 0.6% lower this morning, as it is trading along its short-term local lows. What about the other precious metals? Silver gained 0.56% on Tuesday following Monday’s big decline of over 10% and today it is 3.4% lower. Platinum lost 2.13% and today it is 0.1% higher. Palladium lost 2.28% yesterday and today it’s 1.1% higher. So precious metals are mixed this morning.

Yesterday’s Existing Home Sales release has been as expected and the Richmond Manufacturing Index has been better than expected.

Today there will be another Testimony from the Fed Chair Powell at 10:00 a.m. We will also get the important Flash Manufacturing/ Services PMI releases at 9:45 a.m. The earlier Eurozone’s PMI releases have been pretty much mixed. The Manufacturing PMI numbers from Germany and France have been better than expected but the Services PMI have been worse than expected.

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

Wednesday, September 23

• 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:00 a.m. U.S. – FOMC Member Mester Speech, HPI m/m
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – Fed Chair Powell Testimony
• 2:00 p.m. U.S. – FOMC Member Quarles Speech

Thursday, September 24

• 8:30 a.m. U.S. – Unemployment Claims
• 10:00 a.m. U.S. – Fed Chair Powell Testimony, Treasury Secretary Mnuchin Speech, New Home Sales
• 2:00 p.m. U.S. – FOMC Member Williams Speech

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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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