Daily Gold News: September 18 – Gold Bounced from Thursday’s Low

Gold price remains close to $1,950; markets await Wednesday’s FOMC release.

The gold futures contract gained 0.69% on Friday, September 15 as it retraced some of the recent declines after bouncing from its Thursday’s local low of around $1,922. Gold was gaining despite stronger U.S. dollar. In late August it was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980.

On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.

Today gold is trading along the Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 18 – Gold Bounced from Thursday’s Low - Image 1

The gold price is 0.1% higher as it is trading along the $1,950 level. What about the other precious metals? Silver is 0.6% higher platinum is 0.7% higher and palladium is 0.2% higher. So the main precious metals’ prices are mixed this morning.

Friday’s Empire State Manufacturing Index release has been higher than expected at +1.9. Today we will get the NAHB Housing Market Index release at 10:00 a.m., but the markets will be waiting for the important FOMC Rate Decision on Wednesday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, September 18

  • 10:00 a.m. U.S. - NAHB Housing Market Index
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 9:30 p.m. Australia - Monetary Policy Meeting Minutes

Tuesday, September 19

  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y
  • 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate

Paul Rejczak
Stock Trading Strategist