Daily Gold News: Monday, Oct. 18 – Gold Is Closer to $1,750 Price Level Again

The gold futures contract lost 1.65% on Friday, as it retraced its Wednesday’s advance of 2%. Gold price bounced from the $1,800 price level. The market reacted to the better-than-expected Retail Sales release, among other factors. This morning gold is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% lower, as it is trading within a relatively narrow daily price range. What about the other precious metals? Silver is 0.3% lower, platinum is 1.0% lower and palladium is 2.9% lower. So precious metals’ prices are lower this morning.

Friday’s Retail Sales release has been better than expected at +0.7% vs. a forecast of -0.2%. Today we will get the Industrial Production, Capacity Utilization Rate releases at 9:15 a.m. and the NAHB Housing Market Index at 10:00 a.m.

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

Monday, October 18

• 5:30 a.m. U.S. – FOMC Member Quarles Speech
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – NAHB Housing Market Index
• 4:00 p.m. U.S. – TIC Long-Term Purchases

Tuesday, October 19

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 11:00 a.m. U.S. – FOMC Member Daly Speech
• 2:50 p.m. U.S. – FOMC Member Bostic Speech

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.

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