Daily Gold Update: Friday, October 28 – Gold Price is at $1,650 Again

Gold Price Recap

The gold futures contract lost 0.22% on Thursday, October 17, as it continued to fluctuate following its recent rebound. Last Friday it fell to the new medium-term low of $1,621.10, but on the same day it bounced above the $1,650 level on Bank of Japan currency intervention, among other factors. Gold reached a local high of $1,679.40 on Wednesday, and since then it has been fluctuating. This morning gold price is retracing more of its recent advances, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 1.0% lower, as it is trading along to the $1,650 price level. What about the other precious metals? Silver is 2.1% lower, platinum is 1.5% lower and palladium is 1.2% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s important U.S. Advance GDP release has been higher than expected at +2.6% q/q. Today we will get the Core PCE Price Index 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.

Friday, October 28

• 2:30 a.m. Japan – BOJ Press Conference
• 8:30 a.m. U.S. – Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m, Employment Cost Index q/q
• 8:30 a.m. Canada – GDP m/m
• 10:00 a.m. U.S. – Pending Home Sales m/m, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Monday, October 31

• 6:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Preliminary Flash GDP q/q
• 9:45 a.m. U.S. – Chicago PMI
• Tentative, U.S. – Loan Officer Survey
• 11:30 p.m. Australia – Cash Rate, RBA Rate Statement

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

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