Daily Gold Update: Monday, October 17 – Gold Price Remains Above $1,650

Gold Price Recap

The gold futures contract lost 1.68% on Friday, October 14, as it retraced its Thursday’s rebound. The market fell to the new medium-term low of $1,645.60 on stronger U.S. dollar and declining stock markets.

On September 28 gold bounced from the new medium-term low of $1,622.20. It was the lowest since the 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. The previous Tuesday’s high was at $1,738.70. This morning gold is retracing some of its Friday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.7% higher, as it is trading above the $1,650 price level again. What about the other precious metals? Silver is 1.3% higher, platinum is 1.3% higher and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Friday’s Retail Sales release has been lower than expected at 0.0% m/m and the Core Retail Sales release has been higher than expected at +0.1% m/m. Today we will get the Empire State Manufacturing Index release at 8:30 a.m.

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

Monday, October 17

• 8:30 a.m. U.S. – Empire State Manufacturing Index
• 10:00 p.m. China – GDP q/y, Retail Sales y/y

Tuesday, October 18

• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – NAHB Housing Market Index
• 4:00 p.m. U.S. – TIC Long-Term Purchases

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

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