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Daily Gold News: Thursday, Sep. 23 – Gold Remains Above $1,750 Price Level

·3-min read

The gold futures contract gained 0.0.3% on Wednesday, as it fluctuated within a short-term consolidation following last week’s Thursday’s decline of 2.1%. On Thursday a week ago, it broke below the recent local lows as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. The yellow metal came back to $1,750 price level. This morning the market is trading sideways again – despite yesterday’s FOMC release, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.4% higher, as it is trading along $1,770 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.5% higher and palladium is 1.3% lower. So precious metals’ prices are slightly higher this morning.

Yesterday’s Existing Home Sales has been as expected at 5.88 million. The FOMC release led to an increase in an intraday volatility but gold went basically sideways. Today we will get the Unemployment Claims and Flash Manufacturing PMI/ Flash Services PMI releases.

Where would the price of gold go following Wednesday’s FOMC release? We’ve compiled the data since January of 2017, a 54-month-long period of time that contains of thirty eight FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on July 28. Gold price was 1.4% higher 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 38 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.51% higher 10 days after the FOMC Statement announcement.

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

Thursday, September 23

  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI

  • 7:00 a.m. U.K. – Monetary Policy Summary, Official Bank Rate, Asset Purchase Facility, MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes

  • 8:30 a.m. U.S. – Unemployment Claims

  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

  • 10:00 a.m. U.S. – CB Leading Index m/m

Friday, September 24

  • 4:00 a.m. Eurozone – German ifo Business Climate

  • 10:00 a.m. U.S. – Fed Chair Powell Speech, New Home Sales

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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