Daily Gold News: Gold Going Sideways After Tuesday’s DeclineGold is 0.4% lower this morning, as it is trading within a short-term consolidation following Tuesday’s decline.
The gold futures contract gained 0.67% on Wednesday, as it fluctuated following Tuesday’s retreat below $1,900 price level. 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 0.4% lower this morning, as it is trading within a short-term consolidation following Tuesday’s decline. What about the other precious metals? Silver gained 1.10% on Wednesday and today it is 1.6% lower. Platinum lost 1.13% and today it is 0.8% lower. Palladium gained 0.94% yesterday and today it is 0.8% lower. So precious metals are lower this morning.
Yesterday’s U.S. Producer Price Index release has been higher as expected at +0.4%. Today we will get Philly Fed Manufacturing Index, Unemployment Claims, Empire State Manufacturing Index releases at 8:30 a.m. and some more Fed talk.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, October 15
- 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims, Empire State Manufacturing Index
- 11:00 a.m. U.S. – FOMC Member Kaplan Speech, FOMC Member Quarles Speaks
- 5:00 p.m. U.S. – FOMC Member Kashkari Speech
- 12:00 p.m. Eurozone – ECB President Lagarde Speech
Friday, October 16
- 5:00 a.m. Eurozone – Final CPI y/y, Final Core CPI y/y, Trade Balance
- 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Business Inventories m/m
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.