Daily Gold News: Gold Continues Sideways After Breaking Higher Last Week

The gold futures contract gained 0.14% on Monday, as it fluctuated following breaking above $1,900 price level. On last week’s Tuesday volatility has increased following a tweet from the U.S. President ending stimulus talks. But overall, the market has extended its consolidation. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. 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 0.1% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver gained 0.65% on Monday and today it is 0.4% lower. Platinum lost 2.01% and today it is 0.5% lower. Palladium lost 1.53% on Monday and today it is 0.3% higher. So precious metals are mixed this morning.

Yesterday there were Bank Holidays in the U.S. and Canada and intraday volatility has been relatively low. The German ZEW Economic Sentiment has been lower than expected this morning. Today we will also get the U.S. Consumer Price Index . The German ZEW Economic Sentiment has been lower than expected this morning.

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

Tuesday, October 13

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m

Wednesday, October 14

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 9:00 a.m. U.S. – FOMC Member Clarida Speech
• 10:30 a.m. U.S. – FOMC Member Quarles Speech
• 5:45 a.m. Australia – RBA Governor Lowe Speech
• 6:00 p.m. U.S. – FOMC Member Kaplan Speech
• 8:30 a.m. Australia – Employment Change, Unemployment Rate
• 9:30 p.m. China – CPI y/y. PPI y/y

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *

Disclaimer

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.