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On this day — September 18, 2020
Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.
Day 262 of 366 · Q3 2020 · 71.6% through the year
September 2020 gold market: Correction as the dollar bounces
BearishAn orderly post-record pullback on a dollar bounce.
Gold spent September digesting its record run, slipping toward $1,880 as the dollar staged a recovery and risk appetite wobbled. The pullback was orderly — a consolidation of 2020's enormous gains rather than a trend reversal.
What drove gold in September 2020
- US dollar rebound
- stalled stimulus negotiations
- profit-taking
- rising real yields off the lows
Key events in September 2020
- Sep 23Gold dips toward $1,880 as the dollar firms
What happened next
September's pullback gave way to two months of range-trading before the vaccine shock in November.
For gold buyers
September's orderly pullback offered re-entry for buyers who missed the summer surge, without signalling the bull market was over.