Precious Metals Mixed Ahead of ECB Release

The gold futures contract gained 0.60% on Wedsnesday, as it continued to fluctuate within a short-term consolidation following last week’s decline. The market bounced off $2,000 resistance level. On Friday the intraday volatility has been relatively low despite monthly jobs data release. And the stock market’s rout didn’t trigger any significant move in gold recently. Gold price is trading within a month-long consolidation, as we can see on the daily chart:

Gold is 0.1% higher this morning, as it is trading along yesterday’s closing price. What about the other precious metals? Silver gained 0.34% on Wednesday and today it is 0.5% higher. Platinum gained 1.60% and today it is 0.2% lower. Palladium gained 0.54% on Wednesday and today it’s 0.6% lower. So precious metals are mixed this morning.

Yesterday’s JOLTS Job Openings release has been better than expected at 6.62 million. Today we will get the ECB Monetary Policy Statement at 7:45 a.m. and the ECB Press Conference at 8:30 a.m. We will also get the U.S. Producer Price Index along with the Unemployment Claims releases at 8:30 a.m.

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

Thursday, September 3

  • 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 12:30 a.m. Canada – BOC Governor Macklem Speech
  • 1:00 p.m. Eurozone – ECB President Lagarde Speech

Friday, September 4

  • 4:00 a.m. Eurozone – German Buba President Weidmann Speech
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 2:00 p.m. U.S. – Federal Budget Balance
  • All Day, Eurozone – Eurogroup Meetings

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For a look at all of today’s economic events, check out our economic calendar.

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

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

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