Daily Gold Update: Friday, October 21 – Gold Bounces From New Medium-Term Low

Gold Price Recap

The gold futures contract gained 0.16% on Thursday, October 20, as it fluctuated following its recent declines. On Wednesday the market broke below the $1,650 level on strong U.S. dollar, stock markets’ uncertainty. On September 28 gold bounced from the new medium-term low. It was the lowest since the Spring. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. On October 4 the daily high was at $1,738.70. This morning gold is bouncing from the new medium-term low along the $1,620 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.1% lower, as it is trading closer to the $1,620 price level. What about the other precious metals? Silver is 1.4% lower, platinum is 0.6% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Philly Fed Manufacturing Index release has been worse than expected at -8.7. Today we won’t get any new important economic data releases.

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

Friday, October 21

• 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
• 9:10 a.m. U.S. – FOMC Member Williams Speech

Monday, October 24

• 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 4:30 a.m. U.K. – Flash Manufacturing PMI, Flash Services PMI
• 9:45 a.m. U.S. – Flash Services PMI, Flash Manufacturing PMI
• 11:00 a.m. U.S. – Treasury Secretary Yellen Speech

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

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