Gold retraced some of its last week’s rally; this morning, it’s rebounding.
The gold futures contract lost 0.33% on Monday, September 30, as it slightly extended its downward correction from the last Thursday’s new record high of $2,708.70. Last week, the market was extending a record-breaking rally, after breaking above the short-term consolidation around the $2,600 level the previous week. In early September, it was trading along the $2,550 level, before rebounding from $2,500.
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,670 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.2% higher and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Chicago PMI release has been higher than expected at 46.6. Today, we will get the important JOLTS Job Openings, ISM Manufacturing PMI releases at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - JOLTS Job Openings, ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 11:00 a.m. U.S. - FOMC Member Barkin Speech, FOMC Member Bostic Speech, FOMC Member Collins Speech
- All Day, China – Bank Holiday
Wednesday, October 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:00 a.m. U.S. - FOMC Member Hammack Speech
- 10:05 a.m. U.S. - FOMC Member Musalem Speech
- 11:00 a.m. U.S. - FOMC Member Bowman Speech
- 12:15 a.m. U.S. - FOMC Member Barkin Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist