Daily Gold News: September 21 – Gold Trading Lower

Gold price reveresed lower following the Fed release; it’s below $1,950 again.

The gold futures contract gained 0.69% on Wednesday, September 20 as it extended a rebound before the important FOMC monetary policy release. Gold reached a local high of around $1,969 before reversing lower. Recently the yellow metal 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 trading much lower as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 21 – Gold Trading Lower - Image 1

The gold price is 1.3% lower as it is trading along the $1,940 level. What about the other precious metals? Silver is 0.2% lower platinum is 1.2% lower and palladium is 0.8% lower. So the main precious metals’ prices are lower this morning.

Yesterday the FOMC has left the interest rates unchanged, however, their outlook remained overall hawkish. Today we will get the Unemployment Claims release at 8:30 a.m., among others.

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

Thursday, September 21

7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate

8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account

10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m

Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate

Friday, September 22

3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI

3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI

4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI

4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI

8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m

9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI

Tentative, Japan - BOJ Press Conference

Paul Rejczak
Stock Trading Strategist