The gold futures contract lost 0.33% on Friday, as it slightly extended its $100 decline following the FOMC Statement release. On June 1 gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is retracing some of the recent decline, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 1.1% higher. What about the other precious metals? Silver is 0.8% higher, platinum is 0.2% higher and palladium is 1.0% higher today. So precious metals are higher this morning.
Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s Fed Chief Powell’s Testimony and Wednesday’s important PMI numbers releases.
Where would the price of gold go following last Wednesday’s FOMC Statement? We’ve compiled the data since January of 2017, a 51-month-long period of time that contains of thirty five FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 35 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 0.64% 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, June 21
10:15 a.m. Eurozone – ECB President Lagarde Speech
3:00 p.m. U.S. – FOMC Member Williams Speech
Tuesday, June 22
10:00 a.m. U.S. – Existing Home Sales, Richmond Manufacturing Index
11:00 a.m. U.S. – FOMC Member Daly Speech
2:00 p.m. U.S. – Fed Chair Powell Testimony
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
This article was originally posted on FX Empire
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