Daily Gold News: September 19 – Gold Price Is Above $1,950
Gold extends its last week’s rebound ahead of tomorrow’s FOMC release.
The gold futures contract gained 0.37% on Monday, September 18 as it extended its Friday’s advance of 0.7%. It retraced more of the recent declines after bouncing from last Thursday’s local low of around $1,922. Gold was gaining despite stronger U.S. dollar, stock markets’ weakness. 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 extending a short-term uptrend as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher as it is trading closer to the $1,960 level. What about the other precious metals? Silver is 0.5% higher platinum is 0.8% higher and palladium is unchanged. So the main precious metals’ prices are higher again this morning.
Yesterday’s NAHB Housing Market Index release has been lower than expected at 45. Today we will get the Building Permits and Housing Starts releases at 8:30 a.m., but the markets will be waiting for the important FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, September 20
- 2:00 a.m. U.K. - CPI y/y
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
Stock Trading Strategist