Daily Gold News: Gold Going Sideways Following Friday’s Rally

The gold futures contract gained 1.64% on Friday, as it broke above $1,900 price level. On 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 0.5% lower this morning, as it is trading along Friday’s high. What about the other precious metals? Silver rallied 5.16% on Friday and today it is 0.4% lower. Platinum gained 3.51% and today it is 1.0% lower. Palladium gained 2.51% on Friday and today it is 0.4% higher. So precious metals are retracing some of their Friday’s rally this morning.

Friday’s Wholesale Inventories release has been as expected. Today there are Bank Holidays in the U.S. and Canada, so intraday volatility remains relatively low. Tomorrow we will get some important economic data from the Eurozone and the U.S. Consumer Price Index .

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

Monday, October 12

• All Day, U.S. – Bank Holiday
• All Day, Canada – Bank Holiday

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

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

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