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Paul Rejczak
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The gold futures contract gained 0.55% on Monday, as it extended its short-term consolidation. The market continued to fluctuate after rebounding from last Monday’s local low of $1,763.30. A week ago yellow metal’s price was the lowest since early June. Today gold is trading closer to last week’s local high, as we can see on the daily chart (the chart includes today’s intraday data):

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Gold is 0.2% higher this morning, as it is trading along the recent local highs. What about the other precious metals? Silver is 0.6% lower, platinum is 0.5% lower and palladium is 0.5% lower today. So precious metals are mixed this morning.

Yesterday’s Empire State Manufacturing Index release has been better than expected at 17.4 Today we will get the important Retail Sales release at 8:30 a.m., among others.

Financial markets will be waiting for tomorrow’s FOMC Statement announcement.

Where would the price of gold go following that news release? We’ve compiled the data since January of 2017, a 50-month-long period of time that contains of thirty four FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. We can see that the biggest 10-day advance after the FOMC day was +10.5% after March 15, 2020 release and the biggest decline was -7.2% after March 3, 2020 release. But we’ve had an increased volatility following coronavirus fear then.

The latest FOMC Statement release came out on January 27th. Gold price was 0.1% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC 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 0.61% 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:

Tuesday, March 16

  • 6:00 a.m. Eurozone – ZEW Economic Sentiment, German ZEW Economic Sentiment
  • 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , Import Prices m/m
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
  • Tentative, Japan – BOJ Governor Kuroda Speech

Wednesday, March 17

  • 8:30 a.m. U.S. – Building Permits, Housing Starts
  • 2:00 p.m. U.S. – FOMC Statement , Federal Funds Rate , FOMC Economic Projections
  • 2:30 p.m. U.S. – FOMC Press Conference
  • 8:30 a.m. Australia – Employment Change, Unemployment Rate

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.

 

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