Daily Gold News: Tuesday, Oct. 19 – Gold Extends Its Consolidation
The gold futures contract lost 0.15% on Monday, as it fluctuated within a relatively narrow daily trading range following the Friday’s decline of 1.7%. Last week gold 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 retracing some of its Friday’s sell-off, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.8% higher, as it is trading above yesterday’s daily price range. What about the other precious metals? Silver is 2.1% higher, platinum is 1.5% higher and palladium is 1.7% higher. So precious metals’ prices are higher this morning.
Yesterday’s Industrial Production release has been worse than expected at -1.9%. The Capacity Utilization Rate release has also been worse than expected at 75.2%. Today we will get the Building Permits/ Housing Starts releases at 8:30 a.m. We will also have some Fed-talk later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
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
Wednesday, October 20
- 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
- 12:00 p.m. U.S. – FOMC Member Evans Speech
- 2:00 p.m. U.S. – Beige Book
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.