Gold extends its consolidation, trading below the $2,550 level.
The gold futures contract gained 0.16% on Monday, September 2, as it fluctuated following its Friday’s decline of 1.3%. The market went sideways amid a long holiday weekend in the U.S. Last week, it was extending a consolidation along the $2,550 level. Last Monday, it approached its August 20 record high of $2,570.40. On the previous Friday, gold rebounded on weaker U.S. dollar following the Fed Chair Powell’s speech at the Jackson Hole Symposium.
This morning, gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is virtually flat, as it is trading along the $2,530 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.5% lower and palladium is 2.1% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important ISM Manufacturing PMI release 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, September 3
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, September 4
- 8:30 a.m. U.S. - Trade Balance
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Beige Book
- 10:00 a.m. Australia - RBA Governor Bullock Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist