The gold futures contract gained 0.63% on Friday, as it continued to fluctuate within a short-term consolidation. Recently gold retraced most of the decline from September 1 local high of $2,001.20. On Wednesday it has reached new short-term local high of $1,983.80 before coming back lower. Gold is still trading within a consolidation along $1,950-2,000, as we can see on the daily chart:
Gold is 0.8% lower this morning, as it is retracing Friday’s advance following U.S. dollar advance. What about the other precious metals? Silver gained 0.1% on Friday and today it is 1.4% lower. Platinum gained 0.82% and today it is 1.3% lower. Palladium gained 1.95% on Friday and today it’s 1.9% lower. So precious metals are going down this morning.
Friday’s Consumer Sentiment release has been slightly better than expected. However, the markets went risk off and stocks reached new short-term lows.
Today we will get a speech from the Fed Chair Powell at 10:00 a.m. There will also be speeches from the FOMC Members later in the day. The markets will be also waiting for Tuesday’s-Wednesday’s Powell’s Testimony. Take a look at our economic news schedule below to find out more.
Where would the price of gold go following Wedneday’s Fed news release? We’ve compiled the data since January of 2017, a 43-month-long period of time that contains of thirty FOMC releases.
The following chart shows average gold price path before and after the FOMC. 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 0.8% higher 10 days after the FOMC Statement announcement.
Reprinted from FXEmpire，the copyright all reserved by the original author.
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