Daily Gold Update: Gold Extends Short-Term Fluctuations

Gold Price Recap

The gold futures contract lost 0.56% on Wednesday, October 5, as it fluctuated following the recent rally. Last week on Wednesday it bounced from the new medium-term low of $1,622.20. On Wednesday it was the lowest since Spring of 2020 on strong U.S. dollar, stock markets’ rout. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. Tuesday’s daily high was at $1,738.70. This morning gold is extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.2% lower, as it is still trading above the $1700 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.8% higher and palladium is 0.8% higher. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at 208,000. Today we will get the Unemployment Claims release at 8:30 a.m., among others.

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

Thursday, October 6

• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts
• 8:30 a.m. U.S. – Unemployment Claims
• 5:00 p.m. U.S. – FOMC Member Waller Speech
• 6:30 p.m. U.S. – FOMC Member Mester Speech
• Tentative, Japan – BOJ Governor Kuroda Speech
• All Day, China – Bank Holiday

Friday, October 7

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
• 8:30 a.m. Canada – Non-Farm Employment Change, Unemployment Rate
• 10:00 a.m. U.S. – FOMC Member Williams Speech, Final Wholesale Inventories m/m
• 3:00 p.m. U.S. – Consumer Credit m/m

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

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