Daily Gold News: Thursday, October 22 – Gold Continues Sideways

The gold futures contract gained 0.74% on Wednesday, as it got closer to early October local high. Today yellow metal’s price is is getting back slightly lower again. 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 retracing some of yesterday’s advance. What about the other precious metals? Silver gained 1.04% on Wednesday and today it is 0.8% lower. Platinum gained 1.89% and today it is 0.1% lower. Palladium gained 0.41% on Wednesday and today it is 0.9% lower. So precious metals are slightly lower this morning.

Today we will get the Unemployment Claims release at 8:30 a.m. and the CB Leading Index along with Existing Home Sales at 10:00 a.m. The Unemployment Claims number is expected to increase to almost 900,000 for the last week.

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

Thursday, October 22

• 8:30 a.m. U.S. – Unemployment Claims
• 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales

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.

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

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