Gold continues to trade near the $2,600 level as markets await Fed Decsion.
The gold futures contract lost 0.63% on Tuesday, September 17, as it retraced some of the record-breaking rally. On Monday, gold reached a new all-time high of $2,617.40, before pulling back to around $2,600, and yesterday, it broke below that level. Last week, gold kept advancing on stock markets rally, FOMC Rate Decision expectations. Recently, it has been trading along the $2,550 level. On the previous Wednesday, it rebounded from $2,500.
This morning, gold is trading near the $2,600 level, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,600 level again. What about the other precious metals? Silver is 0.1% lower, platinum is 0.5% lower and palladium is 1.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +0.1% month-over-month. Today, we will get the important FOMC Rate Decision at 2:00 p.m., and the FOMC Press Conference at 2:30 p.m. It is likely to increase volatility on the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, September 19
- 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
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist