Daily Gold News: Monday, September 5 – Gold Price Going Sideways

Gold Price Recap

The gold futures contract gained 0.78% on Friday, September 2, as it retraced its Thursday’s decline of 1.0%. The market accelerated the intraday advance after monthly jobs data release.

Gold bounced from the Thursday’s local low of $1,699.10. This morning the yellow metal is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is trading sideways and along the Friday’s closing price. What about the other precious metals? Silver is 0.9% higher, platinum is 1.2% higher and palladium is virtually flat. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Friday’s Non-Farm Employment Change release has been higher than expected at 315,000 and the Unemployment Rate has also been higher than expected at 3.7%. The Average Hourly Earnings release has been slightly lower than expected at +0.3% m/m. Today we won’t get any new important economic data releases. The U.S. long holiday weekend will likely lead to a lower intraday volatility.

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

Monday, September 5

• All Day – OPEC-JMMC Meetings
• All Day, U.S. – Bank Holiday
• All Day, Canada – Bank Holiday

Tuesday, September 6

• 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Services PMI
• 9:30 p.m. Australia – GDP q/q

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

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