The week ahead is proving to be an interesting and volatile one for the metals. With gold being driven down below the $1400 level, a sell-off to the $1380 area is likely. While silver is putting up a valiant fight at $24.14 — having recovered from an access-market dump to $23.10 — a trade down to $23.50 is in the cards.

Auto-sales are on Wednesday; if they miss I would suggest a rally good for a quick 1% trade at least. Thursday is the day to watch this week with all of the employment data hitting the wire by 8:30 am eastern. Worse than expected jobless claims has recently lead to rallies in silver and gold, so let’s see if our boys at the BLBS can pull a rabbit out of a hat. Expect some magic.

Also take note that there are forces at work attempting to counter-act the buy commodities theme which mostly coincides with developing geopolitical conflicts. Should be a wild week!

Economic Calendar

Mon Sep 02 Release Impact For Actual Expected Prior
No economic releases

Tue Sep 03 Release Impact For Actual Expected Prior
10:00 AM ISM Index Aug 53.6 55.4
10:00 AM Construction Spending Jul 0.5% -0.6%

Wed Sep 04 Release Impact For Actual Expected Prior
7:00 AM MBA Mortgage Index 08/31 NA -2.5%
8:30 AM Trade Balance Jul -$38.2B -$34.2B
2:00 PM Auto Sales Aug NA 5.6M
2:00 PM Truck Sales Aug NA 6.8M
2:00 PM Fed’s Beige Book Sep NA NA

Thu Sep 05 Release Impact For Actual Expected Prior
7:30 AM Challenger Job Cuts Aug NA 2.3%
8:15 AM ADP Employment Change Aug 180K 200K
8:30 AM Initial Claims 08/31 333K 331K
8:30 AM Continuing Claims 08/24 2977K 2989K
8:30 AM Productivity-Rev. Q2 1.5% 0.9%
8:30 AM Unit Labor Costs Q2 1.0% 1.4%
10:00 AM Factory Orders Jul -3.7% 1.5%
10:00 AM ISM Services Aug 54.5 56.0
10:30 AM Natural Gas Inventories 08/31 NA 67 bcf
11:00 AM Crude Inventories 08/31 NA 2.986M

Fri Sep 06 Release Impact For Actual Expected Prior
8:30 AM Nonfarm Payrolls Aug 177K 162K
8:30 AM Nonfarm Private Payrolls Aug 180K 161K
8:30 AM Unemployment Rate Aug 7.4% 7.4%
8:30 AM Hourly Earnings Aug 0.2% -0.1%
8:30 AM Average Workweek Aug 34.5 34.4

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