Gold price was the lowest since mid-March yesterday; it’s trading below $1,900
The gold futures contract lost 1.51% on Wednesday, September 27 as it accelerated the downtrend on monetary policy fears, stronger U.S. dollar. Yesterday gold broke below $1,900 level and it was the lowest since mid-March. The price also broke below its late June local low of around $1,900.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from 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 as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading below the $1,900 level. What about the other precious metals? Silver is 0.2% higher platinum is 0.5% higher and palladium is 0.6% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Durable Goods Orders release has been higher than expected at +0.2%. Today we will get the GDP, Unemployment Claims releases at 8:30 a.m. There will also be a speech from the Fed Chair Powell at 4:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, September 28
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q, Unemployment Claims
- 9:00 a.m. U.S. - FOMC Member Goolsbee Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 1:00 p.m. U.S. - FOMC Member Cook Speech
- 4:00 p.m. U.S. - Fed Chair Powell Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, China - Bank Holiday
Friday, September 29
- 3:40 a.m. Eurozone - ECB President Lagarde Speech
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 12:45 a.m. U.S. - FOMC Member Williams Speech
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist