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:
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.
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 quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.
Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
