Daily Gold Update: Tuesday, November 1 – Gold Price Bounces

Gold Price Recap

The gold futures contract lost 0.25% on Monday, October 31, as it slightly extended its Friday’s drop of 1.3%. The market continues to fluctuate following the early October sell-off and a breakdown below the $1,700 level. On October 21 gold fell to the new medium-term low of $1,621.10 and last week it reached a local high of $1,679.40. This morning gold price is bouncing, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 1.3% higher, as it is trading above the $1,650 price level again. What about the other precious metals? Silver is 4.5% higher, platinum is 2.3% higher and palladium is 3.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Chicago PMI release has been slightly lower than expected at 45.2. Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others. The markets will be waiting for tomorrow’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.

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

Wednesday, November 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
• 2:30 p.m. U.S. – FOMC Press Conference
• All Day, Japan – Bank Holiday

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

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