Daily Gold News: September 22 – Gold Trades Sideways

Gold price bounces after yesterday’s sell-off; it continues to trade along $1,950.

The gold futures contract lost 1.40% on Thursday, September 21 as investors reacted negatively to Wednesday’s the important FOMC monetary policy release. On Wednesday gold reached a local high of around $1,969 before reversing lower and yesterday’s daily low was at around $1,933. 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 retracing some of its yesterday’s decline as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 22 – Gold Trades Sideways - Image 1

The gold price is 0.3% higher as it is trading above the $1,940 level. What about the other precious metals? Silver is 1.3% higher platinum is 1.3% higher and palladium is 0.5% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been lower than expected at 201,000. Today we will get the important Flash Manufacturing PMI, Flash Services PMI releases at 9:45 a.m.

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

Friday, September 29

  • 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

Monday, September 25

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 6:00 p.m. U.S. - FOMC Member Kashkari Speech

Paul Rejczak
Stock Trading Strategist