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Daily Gold News: Precious Metals Fluctuate After Yesterday’s Declines

By:
Paul Rejczak
Updated: Sep 18, 2020, 11:45 UTC

Gold is 0.4% higher this morning, as it continues to trade within a consolidation.

Daily Gold News: Precious Metals Fluctuate After Yesterday’s Declines

The gold futures contract lost 1.05% on Thursday, as it retraced its recent advances. The market has reacted to Wednesday’s FOMC Statement release. Recently gold retraced most of the decline from September 1 local high of $2,001.20. On Wednesday it has reached new short-term local high of $1,983.80 before coming back lower. Gold is still trading within a consolidation along $1,950-2,000, as we can see on the daily chart:

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Gold is 0.4% higher this morning, as it continues to trade within a consolidation. What about the other precious metals? Silver lost 1.37% on Thursday and today it is unchanged. Platinum lost 4.38% and today it is 0.6% higher. Palladium lost 3.40% yesterday and today it’s 0.4% lower. So precious metals are fluctuating following their yesterday’s sell-off this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 860,000. The Philly Fed Manufacturing Index, Building Permits and Housing Starts releases have also been slightly worse than expected. Today we will get the Consumer Sentiment number at 10:00 a.m.

Where would the price of gold go following Wedneday’s Fed news release? We’ve compiled the data since January of 2017, a 43-month-long period of time that contains of thirty FOMC releases.

The following chart shows average gold price path before and after the FOMC. 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 0.8% higher 10 days after the FOMC Statement announcement.

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Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, September 18

  • 8:30 a.m. U.S. – Current Account
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, CB Leading Index m/m

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

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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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.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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