Daily Gold News: Wednesday, Oct. 20 – Gold’s Sideways Trend

The gold futures contract gained 0.27% on Tuesday, as it extended its consolidation following its Friday’s decline of 1.7%. Last week gold bounced from the $1,800 price level. The market reacted to the better-than-expected economic news releases. This morning gold is trading closer to yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.7% higher, as it is trading within its yesterday’s daily price range. What about the other precious metals? Silver is 1.3% higher, platinum is 0.1% higher and palladium is 1.3% lower. So precious metals’ prices are higher this morning.

Yesterday’s Building Permits/ Housing Starts releases have been slightly worse than expected. Today we will have the Beige Book release at 2:00 p.m.

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

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

Thursday, October 21

• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
• 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales
• 3:00 p.m. Australia – RBA Governor Lowe 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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