Daily Gold News: Friday, October 23 – Gold Bouncing Back and Forth
The gold futures contract lost 1.29% on Thursday, as it got back to the recent local lows. Yellow metal is extending a short-term consolidation above the price level of $1,900. Recently gold was retracing its rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 0.4% higher this morning, as it continues to trade within a month-long consolidation. What about the other precious metals? Silver lost 2.11% on Thursday and today it is 0.1% higher. Platinum lost 1.11% and today it is 1.6% higher. Palladium lost 1.30% yesterday and today it is 0.5% higher. So precious metals are slightly higher this morning , as they retrace a part of their yesterday’s relatively big declines.
Yesterday’s Unemployment Claims release has been better than expected at 787,000. The Existing Home Sales number has also been better than expected at 6.54 million.
This morning we’ve got better than expected PMI numbers from the Eurozone. That helped the markets retrace their overnight declines. At 9:45 a.m. we will get the U.S. Flash Manufacturing PMI/ Flash Services PMI releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, October 23
- 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
- 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
For a look at all of today’s economic events, check out our economic calendar.
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