Gold continues to trade along its short-term local lows.
The gold futures contract lost 0.13% on Wednesday, September 13 as it fluctuated following the recent declines. On Tuesday gold broke below its last week’s local lows due to the strengthening U.S. dollar, among other factors. In late August gold was rallying amidst reduced pressure for the further monetary policy tightening. On Friday Septemeber 1 it reached $1,980 and yesterday it traded close to $1,930.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower as it is still trading along the $1,930 level. What about the other precious metals? Silver is 0.9% lower platinum is 0.9% higher and palladium is 0.8% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.6% m/m, however the Core number has been higher than expected at +0.3% m/m. The markets’ reaction was mild though. Today we will get the important Producer Price Index release at 8:30 a.m. and the ECB monetary policy release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, September 14
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Friday, September 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist