Gold price extends its downward correction, pulling back from last week’s high.
The gold futures contract lost 0.99% on Friday, September 27, as it retraced some of its recent advances. Last week, the market was extending a record-breaking rally, reaching new all-time of 2,708.70 on Thursday. On the previous week, gold broke above the short-term consolidation around the $2,600 level, and since then, it has been advancing. In early September, it was trading along the $2,550 level, before rebounding from $2,500.
This morning, gold is extending its short-term decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading along the $2,660 level. What about the other precious metals? Silver is 1.2% lower, platinum is 2.1% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Core PCE Price Index release has been lower than expected at +0.1% month-over-month. Today, we will get the Chicago PMI release at 9:45 a.m., and a speech from the Fed Chair Powell at 1:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, September 30
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Chicago PMI
- 1:00 p.m. U.S. - Fed Chair Powell Speech
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, Canada – Bank Holiday
- All Day, China – Bank Holiday
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
Paul Rejczak
Stock Trading Strategist