Daily Gold News: Monday, October 26 – Still Not Much Happening

The gold futures contract gained 0.03% on Friday, as it continued to trade within a consolidation following bouncing off $1,900 price level again. In September the market was retracing its 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 0.2% higher this morning, as it remains within a mentioned consolidation after bouncing off $1,900 level. What about the other precious metals? Silver lost 0.14% on Friday and today it is 1.3% lower. Platinum gained 2.57% and today it is 1.8% lower. Palladium gained 0.11% on Friday and today it is 0.8% lower. So precious metals are lower this morning , as they further extend their consolidation.

Friday’s U.S. Flash Manufacturing PMI/ Flash Services PMI releases have been mixed with the Services number exceeding expectations. Today we will get the New Home Sales data at 10:00 a.m. The markets will await tomorrow’s Consumer Confidence release and Thursday’s important Advance GDP number release.

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

Monday, October 26

• 5:00 a.m. Eurozone – German ifo Business Climate
• 10:00 a.m. U.S. – New Home Sales

Tuesday, October 27

• 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
• 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index
• 8:30 p.m. Australia – CPI q/q

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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