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Daily Gold Update: Friday, October 21 – Gold Bounces From New Medium-Term Low

By:
Paul Rejczak
Published: Oct 21, 2022, 11:42 UTC

Today, gold is 0.1% lower, as it is trading closer to the $1,620 price level. What about the other precious metals?

Gold FX Empire

In this article:

Gold Price Recap

The gold futures contract gained 0.16% on Thursday, October 20, as it fluctuated following its recent declines. On Wednesday the market broke below the $1,650 level on strong U.S. dollar, stock markets’ uncertainty. On September 28 gold bounced from the new medium-term low. It was the lowest since the Spring. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. On October 4 the daily high was at $1,738.70. This morning gold is bouncing from the new medium-term low along the $1,620 level, as we can see on the daily chart (the chart includes today’s intraday data):

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Precious Metals Price Action

Today, gold is 0.1% lower, as it is trading closer to the $1,620 price level. What about the other precious metals? Silver is 1.4% lower, platinum is 0.6% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Philly Fed Manufacturing Index release has been worse than expected at -8.7. Today we won’t get any new important economic data releases.

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

Friday, October 21

  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
  • 9:10 a.m. U.S. – FOMC Member Williams Speech

Monday, October 24

  • 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 4:30 a.m. U.K. – Flash Manufacturing PMI, Flash Services PMI
  • 9:45 a.m. U.S. – Flash Services PMI, Flash Manufacturing PMI
  • 11:00 a.m. U.S. – Treasury Secretary Yellen Speech

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

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Disclaimer

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.

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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