Daily Gold News: Wednesday, October 28 – Gold Closer to Lows Again

The gold futures contract gained 0.33% on Tuesday, as it further extended its month-long consolidation above $1,900 price level. In September the market was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance. 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 0.8% lower this morning, as it is getting back to the recent local lows. What about the other precious metals? Silver gained 0.61% on Tuesday and today it is 1.4% lower. Platinum gained 1.07% and today it is 1.1% lower. Palladium lost 0.62% yesterday and today it is 2.7% lower. So precious metals’ prices are going down this morning .

Yesterday’s Consumer Confidence release has been slightly worse than expected at 100.9. And Durable Goods Orders have been better than expected.

Today we will get the Wholesale Inventories number at 8:30 a.m. The markets will wait for tomorrow’s important Advance GDP number release and ECB’s Monetary Policy update.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Wednesday, October 28

• 8:30 a.m. U.S. – Preliminary Wholesale Inventories m/m, Goods Trade Balance
• 10:00 a.m. Canada – Overnight Rate, BOC Monetary Policy Report, BOC Rate Statement
• 11:15 a.m. Canada – BOC Press Conference
• 6:00 p.m. U.S. – FOMC Member Kaplan Speech
• Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate

Thursday, October 29

• 8:30 a.m. U.S. – Advance GDP q/q , Advance GDP Price Index q/q, Unemployment Claims
• 8:45 a.m. Eurozone – Main Refinancing Rate , Monetary Policy Statement
• 9:30 a.m. Eurozone – ECB Press Conference
• 10:00 a.m. U.S. – Pending Home Sales m/m

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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