Daily Gold Update: Thursday, October 20 – Gold Price Bounces From New Low

Gold Price Recap

The gold futures contract lost 1.30% on Wednesday, October 19, as it broke below the short-term consolidation along the $1,640 price level on strong U.S. dollar, stock markets’ uncertainty. On September 28 gold bounced from the new medium-term low of $1,622.20. It was the lowest since the Spring.

Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. On October 4 the daily high was at $1,738.70. This morning gold is bouncing from the new short-term low, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.5% higher, as it is still trading below the $1,650 price level. What about the other precious metals? Silver is 1.5% higher, platinum is 1.4% higher and palladium is 1.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Building Permits/ Housing Starts releases have been mixed. Today we will get the Philly Fed Manufacturing Index, Unemployment Claims releases, among others.

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

Thursday, October 20

• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
• 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
• 1:30 p.m. U.S. – FOMC Member Jefferson Speech
• 1:45 p.m. U.S. – FOMC Member Cook Speech
• 2:05 p.m. U.S. – FOMC Member Bowman Speech

Friday, October 21

• 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
• 9:10 a.m. U.S. – FOMC Member Williams Speech

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

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