Gold Lower At Month And Quarter End
Sunshine Profits | Sep 30, 2020 07:55AM ET
The gold futures contract gained 1.11% on Tuesday, as it broke above the recent trading range. The market retraced some of its last week's decline. Recently gold was retracing a rally from around $1,800 to Aug. 7 record high of $2,089.20 in reaction to U.S. dollar rally, among other factors. Gold bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart (the chart includes today's intraday data):
Gold is 0.7% lower this morning, as it is bouncing from the resistance level of $1,900 again. What about the other precious metals? Silver gained 3.56% on Tuesday and today it is 2.2% lower. Platinum gained 0.71% and today it is 2.1% lower. Palladium gained 2.54% on Tuesday and today it's 0.6% higher. So precious metals are generally going down this morning.
Yesterday's Consumer Confidence release has been better than expected. This morning we will get the ADP Non-Farm Employment Change release at 8:15 a.m., among others. And the markets will be waiting for the important Friday's monthly jobs data release and the ISM Manufacturing PMI number tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
h2 Wednesday, September 30/h2- 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
- 8:30 a.m. U.S. - Unemployment Claims, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m
- 9:30 a.m. Canada - Manufacturing PMI
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, Construction Spending m/m
- 11:00 a.m. U.S. - FOMC Member Williams {{0|Speech}
- 3:00 p.m. U.S. - FOMC Member Bowman Speaks
- All Day, China - Bank Holiday
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