Daily Gold News: Thursday, September 8 – Gold Extends its Yesterday’s Bounce

Gold Price Recap

The gold futures contract gained 0.87% on Wednesday, September 7, as it bounced from the $1,700 price level again. The market extended its short-term consolidation on volatile U.S. dollar, stock markets’ bounce. This morning the yellow metal is extending yesterday’s advance and it’s getting closer to the recent local high, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% higher this morning, as it is trading above the $1,730 level. What about the other precious metals? Silver is 1.0% higher, platinum is 1.3% higher and palladium is 2.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s U.S. Trade Balance release has been slightly lower than expected at -70.6B. Today we will get the important ECB’s Rate Decision release and a speech from the Fed Chair Powell, among others.

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

Thursday, September 8

• 8:15 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
• 8:30 a.m. U.S. – Unemployment Claims
• 8:45 a.m. Eurozone – ECB Press Conference
• 9:10 a.m. U.S. – Fed Chair Powell Speech

Friday, September 9

• 8:30 a.m. Canada – Employment Change, Unemployment Rate, Capacity Utilization Rate
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 12:00 p.m. U.S. – FOMC Member George Speech, FOMC Member Waller Speech
• All Day, Eurozone – EU Economic Summit, Eurogroup Meetings

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

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