gold investment, silver investment


Daily Gold News: Thursday, September 24 - Gold Breaking Lower, as Correction Deepens

September 24, 2020, 6:55 AM Paul Rejczak

The gold futures contract lost 2.05% on Wednesday, as it extended its short-term downtrend following breaking below the price level of $1,900. The market is the lowest since late July. Gold keeps 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 its mid-August local low, as we can see on the daily chart:

Gold is 0.6% lower this morning, as it is trading along yesterday's low. What about the other precious metals? Silver lost 5.78% on Wednesday and today it is 2.8% lower. Platinum lost 1.7% and today it is 0.2% lower. Palladium gained 1.29% yesterday and today it's 0.5% lower. So precious metals are mixed this morning.

Yesterday's Flash Manufacturing/ Services PMI releases have been overall better than expected. But markets continued going risk-off as stocks extended their short-term downtrend.

Today we will have a Testimony from the Fed Chair Powell at 10:00 a.m. and a speech from Treasury Secretary Mnuchin. We will also get the Unemployment Claims release at 8:30 a.m. and New Home Sales number at 10:00 a.m.

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

Thursday, September 24

  • 8:30 a.m. U.S. - Unemployment Claims
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Treasury Secretary Mnuchin Speech, New Home Sales
  • 2:00 p.m. U.S. - FOMC Member Williams Speech

Friday, September 25

  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 3:10 p.m. U.S. - FOMC Member Williams Speech

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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