Daily Gold Update: Tuesday, September 20 – Gold Price Goes Sideways Ahead of Tomorrow’s Fed

Gold Price Recap

The gold futures contract lost 0.31% on Monday, September 19, as it continued to fluctuate following its last week’s Thursday’s sell-off of 1.9%. On Thursday it broke below the recent local lows following stock markets’ rout, strong U.S. dollar, monetary policy tightening fears. The market broke below the $1,700 level and on Friday it was the lowest since April of 2020. This morning the yellow metal is trading along the yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% lower this morning, as it is trading along the $1,670 level. What about the other precious metals? Silver is 1.4% lower, platinum is 0.3% higher and palladium is 2.8% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s NAHB Housing Market Index release has been slightly lower than expected at 46. Today we will get the Building Permits/ Housing Starts releases at 8:30 a.m. Tomorrow the markets will be watching the important Fed’ Rate Decision release.

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

Tuesday, September 20

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
• 1:00 p.m. Eurozone – ECB President Lagarde Speech

Wednesday, September 21

• 10:00 a.m. U.S. – Existing Home Sales
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate, FOMC Economic Projections
• 2:30 p.m. U.S. – FOMC Press Conference
• Tentative, Japan – Monetary Policy Statement, BOJ Policy Rate

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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