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.

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

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