The gold futures contract lost 0.83% on Friday, as it continued to trade within a consolidation along $1,950-2,000. The market retraced most of the recent decline from September 1 local high of $2,001.20 on Thursday, before going back below $1,950. Gold price is trading within an over month-long consolidation, as we can see on the daily chart:
Gold is 0.2% higher this morning, as it is trading within its Friday's range. What about the other precious metals? Silver lost 1.59% on Friday and today it is 0.4% higher. Platinum lost 0.15% and today it is 1.2% higher. Palladium was unchanged on Friday and today it's 0.1% lower. So precious metals are mixed this morning.
Friday's Consumer Price Index release has been slightly higher than expected. Today we won't get any important economic data releases and the financial markets will be waiting for Wednesday's FOMC Statement release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, September 14
- 10:00 p.m. China - Fixed Asset Investment ytd/y, Industrial Production y/y, Retail Sales y/y, Unemployment Rate
Tuesday, September 15
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
