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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