Daily Gold News: Gold at $1,900 Price Level Again

The gold futures contract lost 1.78% on Tuesday, as it retraced its last week’s advance. The market got back below $1,900 price level. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. 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 0.5% higher this morning, as it is trading within a consolidation following yesterday’s decline. What about the other precious metals? Silver lost 4.52% on Tuesday and today it is 0.4% higher. Platinum lost 0.34% and today it is 0.4% higher. Palladium lost 3.35% yesterday and today it is 2.0% higher. So precious metals are advancing this morning.

Yesterday’s U.S. Consumer Price Index has been as expected at +0.2% m/m. Today we will get the Producer Price Index release at 8:30 a.m. There will also be a lot of Fed talk.

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

Wednesday, October 14

• 4:00 a.m. Eurozone – ECB President Lagarde Speech
• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 9:00 a.m. U.S. – FOMC Member Clarida Speech
• 10:30 a.m. U.S. – FOMC Member Quarles Speech
• 5:45 a.m. Australia – RBA Governor Lowe Speech
• 6:00 p.m. U.S. – FOMC Member Kaplan Speech
• 8:30 a.m. Australia – Employment Change, Unemployment Rate
• 9:30 p.m. China – CPI y/y. PPI y/y

Thursday, October 15

• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims, Empire State Manufacturing Index
• 11:00 a.m. U.S. – FOMC Member Kaplan Speech, FOMC Member Quarles Speaks
• 5:00 p.m. U.S. – FOMC Member Kashkari Speech
• 12:00 p.m. Eurozone – ECB President Lagarde 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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