Daily Gold Update: Monday, October 31 – Gold Price Remains Close to $1,650

Gold Price Recap

The gold futures contract lost 1.25% on Friday, October 28, as it got back below the $1,650 price level despite weaker U.S. dollar, advancing stock markets. The market extended its consolidation following the early October sell-off and a breakdown below the $1,700 level. On Friday, October 21 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 declining. This morning gold price trading within a relatively narrow range, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.3% lower, as it is trading slightly below to the $1,650 price level. What about the other precious metals? Silver is 0.6% lower, platinum is 1.4% lower and palladium is 1.5% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Friday’s important Core PCE Price Index release has been as expected at +0.5% m/m. Today we will get the Chicago PMI release at 9:45 a.m. The markets will be waiting for Wednesday’s FOMC Statement release and Friday’s monthly jobs data release,

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

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

Tuesday, November 1

• 4:20 a.m. Australia – RBA Governor Lowe Speech
• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, JOLTS Job Openings, Construction Spending m/m, ISM Manufacturing Prices
• 6:30 p.m. Canada – BOC Governor Macklem Speech
• All Day, U.S. – Wards Total Vehicle Sales
• All Day, Eurozone – French Bank Holiday, Italian Bank Holiday

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

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