Daily Gold News: Monday, Sep. 20 – Gold Going Sideways Despite Stock Market’s Rout
The gold futures contract lost 0.30% on Friday, as it fluctuated following Thursday’s decline of 2.12%. On Thursday, 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 extending a short-term consolidation along that support level, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.2% higher, as it is trading slightly above $1,750 price level. What about the other precious metals? Silver is 0.1% lower, platinum is 1.8% lower and palladium is 3.0% higher. So precious metals’ prices are mixed this morning.
Friday’s Consumer Sentiment release has been slightly worse than expected at 71.0. Today we will get the NAHB Housing Market Index release at 10:00 a.m. But the markets will be waiting for Wednesday’s FOMC Monetary Policy Statement release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, September 20
- 10:00 a.m. U.S. – NAHB Housing Market Index
- All Day, Canada – Federal Election
- All Day, China – Bank Holiday
Tuesday, September 21
- 8:30 a.m. U.S. – Housing Starts, Building Permits, Current Account
- Tentative, Japan – Monetary Policy Statement, BOJ Policy Rate
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.