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Daily Gold News: Tuesday, September 29 - Gold Closer to $1,900 Price Level Again

September 29, 2020, 7:02 AM Paul Rejczak

The gold futures contract gained 0.86% on Monday, as it retraced some of last week's decline following breaking below the price level of $1,900. But the market came down to around $1,850 level again yesterday, before moving back closer to $1,900. Recently gold was retracing its rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar rally, among other factors. Gold also broke below mid-August local low, as we can see on the daily chart (the chart includes today's intraday data):

Gold is 0.1% higher this morning, as it is extending a short-term uptrend. What about the other precious metals? Silver gained 2.21% on Monday and today it is 0.2% higher. Platinum gained 5.87% and today it is 0.7% lower. Palladium gained 2.22% on Monday and today it's 0.2% lower. So precious metals are going sideways this morning.

On Monday we didn't get any new important economic data releases. Today we will get the Consumer Confidence number release at 10:00 a.m. And there will be a lot of Fed talk.

The markets are waiting for the important monthly jobs data release on Friday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, September 29

  • 8:30 a.m. U.S. - Preliminary Wholesale Inventories m/m, Goods Trade Balance
  • 9:15 a.m. U.S. - FOMC Member Williams Speech
  • 9:30 a.m. U.S. - FOMC Member Harker Speech
  • 10:00 a.m. U.S. - CB Consumer Confidence
  • 11:40 a.m. U.S. - FOMC Member Clarida Speech
  • 1:00 p.m. U.S. - FOMC Member Quarles Speech, FOMC Member Williams Speech
  • 3:00 p.m. U.S. - FOMC Member Quarles Speech
  • 9:00 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
  • 9:45 a.m. China - Caixin Manufacturing PMI

Wednesday, September 30

  • 3:20 a.m. Eurozone - ECB President Lagarde Speech
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 11:00 a.m. U.S. - FOMC Member Kashkari Speech
  • 1:40 p.m. U.S. - FOMC Member Bowman Speech
  • All Day, China - Bank Holiday

Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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