Thursday, Sep. 16 – Gold Price Breaking Lower

The gold futures contract lost 0.68% on Wednesday as it extended a short-term consolidation following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below the $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading below its Tuesday’s low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.9% lower, as it is the lowest since mid-August. What about the other precious metals? Silver is 1.5% lower, platinum is 1.1% lower and palladium is 2.5% higher. So precious metals’ prices are lower this morning.

Yesterday’s Empire State Manufacturing Index release has been better than expected at 34.3 and the Industrial Production release has been slightly worse than expected at +0.4%. Today we will get the important Retail Sales number release at 8:30 a.m. It is expected at -0.7% m/m. We will also have the Philly Fed Manufacturing Index, Unemployment Claims and Business Inventories releases today.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Thursday, September 16

  • 8:00 a.m. Eurozone – ECB President Lagarde Speech

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index

  • 10:00 a.m. U.S. – Business Inventories m/m

Friday, September 17

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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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.

This article was originally posted on FX Empire



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