Daily Gold News: Monday, Sep. 27 – Gold Remains Close to $1,750 Price Level

Today gold is 0.1% lower, as it is trading along $1,750 price level. What about the other precious metals?

The gold futures contract gained 0.11% on Friday, as it fluctuated following Thursday’s decline to around $1,740. The market continues to trade along the $1,750 price level after breaking below local lows of around $1,780 more than w week ago as series of the U.S. economic data releases along with the rallying U.S. dollar led to a sell-off in precious metals. This morning the market is trading close to $1,750 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% lower, as it is trading along $1,750 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.8% higher and palladium is 1.2% higher. So precious metals’ prices are mixed this morning.

Friday’s New Home Sales release has been higher than expected at 740,000. Today we will get the Durable Goods Orders release at 8:30 a.m. and a series of the FOMC Members speeches.

Where would the price of gold go following Wednesday’s FOMC release?

We’ve compiled the data since January of 2017, a 54-month-long period of time that contains of thirty eight FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 38 releases. 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 0.51% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, September 27

• 7:45 a.m. Eurozone – ECB President Lagarde Speech
• 8:00 a.m. U.S. – FOMC Member Evans Speech
• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
• 9:00 a.m. U.S. – FOMC Member Williams Speech
• 12:00 p.m. U.S. – FOMC Member Williams Speech
• 12:50 p.m. U.S. – FOMC Member Brainard Speech
• 2:00 p.m. U.K. – BOE Governor Bailey Speech

Tuesday, September 28

• 8:00 a.m. Eurozone – CB President Lagarde Speech
• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:00 a.m. U.S. – FOMC Member Evans Speech, HPI m/m, S&P/CS Composite-20 HPI y/y
• 10:00 a.m. U.S. – Fed Chair Powell Testimony, CB Consumer Confidence, Richmond Manufacturing Index
• 1:40 p.m. U.S. – FOMC Member Bowman Speech
• 3:00 p.m. U.S. – FOMC Member Bostic Speech