Daily Gold News: Wednesday, September 28 – Gold Bounces From New Multi-Year Low

Gold Price Recap

The gold futures contract gained 0.17% on Tuesday, September 27, as it fluctuated following its recent declines. The market remained below the $1,650 price level yesterday, and it was the lowest since Spring of 2020 yesterday. This morning gold is bouncing from the new medium-term low of around $1,622, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is virtually flat this morning, as it is trading along the the $1,630 level. What about the other precious metals? Silver is 1.1% lower, platinum is 1.0% lower and palladium is 0.3% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Consumer Confidence release has been higher than expected at 108.0. Today we will get the Pending Home Sales release at 10:00 a.m., and another speech from the Fed Chair Powell at 10:15 a.m., among others.

Where would the price of gold go following last Wednesday’s Fed release? We’ve compiled the data since January of 2017, a 66-month-long period of time that contains of forty five FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 45 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 0.68% 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.

Wednesday, September 28

• 3:15 a.m. Eurozone – ECB President Lagarde Speech
• 8:30 a.m. U.S. – Goods Trade Balance, Prelim Wholesale Inventories m/m
• 10:00 a.m. U.S. – Pending Home Sales m/m
• 10:10 a.m. U.S. – FOMC Member Bullard Speech
• 10:15 a.m. U.S. – Fed Chair Powell Speech
• 11:00 a.m. U.S. – FOMC Member Bowman Speech

Thursday, September 29

• 8:30 a.m. U.S. – Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
• 8:30 a.m. U.S. – GDP m/m
• 9:30 a.m. U.S. – FOMC Member Bullard Speech
• 1:00 p.m. U.S. – FOMC Member Mester Speech

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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