Daily Gold News: Monday, September 12 – Gold Trades Along Local Highs

Gold Price Recap

The gold futures contract gained 0.49% on Friday, September 9, as it extended its short-term consolidation following the late August declines. On Wednesday it bounced from the $1,700 price level. The market extended a short-term consolidation on volatile U.S. dollar, stock markets’ bounce. This morning the yellow metal is trading along its last week’s local highs, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.7% higher this morning, as it is trading along the $1,730 price level. What about the other precious metals? Silver is 2.2% higher, platinum is 1.2% higher and palladium is 1.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Friday’s Final Wholesale Inventories release has been slightly lower than expected at +0.6% m/m. Today we won’t get important economic data releases. Investors will be waiting for tomorrow’s Consumer Price Index release, among others.

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

Monday, September 12

• 2:00 a.m. U.K. – GDP m/m
• 1:01 p.m. U.S. – 10-y Bond Auction

Tuesday, September 13

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment
• 6:00 a.m. U.S. – NFIB Small Business Index
• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
• 1:01 p.m. U.S. – 30-y Bond Auction
• 2:00 p.m. U.S. – Federal Budget Balance
• Tentative, U.S. – IBD/TIPP Economic Optimism
• All Day, Eurozone – ECOFIN Meetings

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

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