Daily Gold News: Wednesday, August 31 – Gold Gets Closer to $1,700 Price Level

Gold Price Recap

The gold futures contract lost 0.77% on Tuesday, August 30, as it traded within its Monday’s daily range. On Friday it retraced its earlier advances following a speech from the Fed Chair Powell at the Jackson Hole Symposium. This morning yellow metal is extending the downtrend, as it is trading the lowest since late July, 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 closer to the $1,700 price level. What about the other precious metals? Silver is 2.4% lower, platinum is 0.8% lower and palladium is 0.4% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s CB Consumer Confidence and JOLTS Job Openings releases have been higher than expected. Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m. There will also be the Chicago PMI release at 9:45 a.m. Investors will be waiting for the Thursday’s ISM Manufacturing PMI and Friday’s monthly jobs data releases.

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

Wednesday, August 31

  • 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:00 a.m. U.S. – FOMC Member Mester Speech
  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. – Chicago PMI
  • 9:45 p.m. China – Caixin Manufacturing PMI

Thursday, September 1

  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • All Day, U.S. – Wards Total Vehicle Sales

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

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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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