Daily Gold News: Monday, Sep. 27 – Gold Remains Close to $1,750 Price Level

The gold futures contract gained 0.11% on Friday, as it fluctuated following Thursday’s decline to around $1,740. The market continues to trade along the $1,750 price level after breaking below local lows of around $1,780 more than w week ago as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. This morning the market is trading close to $1,750 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% lower, as it is trading along $1,750 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.8% higher and palladium is 1.2% higher. So precious metals’ prices are mixed this morning.

Friday’s New Home Sales release has been higher than expected at 740,000. Today we will get the Durable Goods Orders release at 8:30 a.m. and a series of the FOMC Members speeches.

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 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:

Monday, September 27

• 7:45 a.m. Eurozone – ECB President Lagarde Speech
• 8:00 a.m. U.S. – FOMC Member Evans Speech
• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
• 9:00 a.m. U.S. – FOMC Member Williams Speech
• 12:00 p.m. U.S. – FOMC Member Williams Speech
• 12:50 p.m. U.S. – FOMC Member Brainard Speech
• 2:00 p.m. U.K. – BOE Governor Bailey Speech

Tuesday, September 28

• 8:00 a.m. Eurozone – CB President Lagarde Speech
• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:00 a.m. U.S. – FOMC Member Evans Speech, HPI m/m, S&P/CS Composite-20 HPI y/y
• 10:00 a.m. U.S. – Fed Chair Powell Testimony, CB Consumer Confidence, Richmond Manufacturing Index
• 1:40 p.m. U.S. – FOMC Member Bowman Speech
• 3:00 p.m. U.S. – FOMC Member Bostic Speech

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.

* * * * *

Disclaimer

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.