Daily Gold News: Gold Rebounding but Still Below $1,900

The gold futures contract lost 0.60% on Thursday, as it extended its short-term downtrend following breaking below $1,900 price level on Wednesday. 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 0.4% higher this morning, as it is retracing some of yesterday’s decline. What about the other precious metals? Silver was unchanged on Thursday and today it is 0.8% higher. Platinum lost 2.91% and today it is 0.7% higher. Palladium lost 2.31% yesterday and today it is 0.1% lower. So precious metals’ prices are generally advancing this morning .

Yesterday’s GDP number release has been better than expected at +33.1% q/q. Today we will get Personal Income/ Personal Spending release at 8:30 a.m. We will also get the Chicago PMI and Consumer Sentiment releases today.

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

Friday, October 30

• 3:00 a.m. Eurozone – German Preliminary GDP q/q, German Retail Sales m/m
• 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m
• 8:30 a.m. Canada – GDP m/m, IPPI m/m, RMPI m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment

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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