Daily Gold Update: Tuesday, October 11 – Gold Price Remains Below $1,700

Gold Price Recap

The gold futures contract lost 1.99% on Monday, October 10, as it broke below its last week’s local lows. On September 28 it bounced from the new medium-term low of $1,622.20. It was the lowest since 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. Last Tuesday’s daily high was at $1,738.70. This morning gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.1% lower, as it is trading within a relatively narrow price range. What about the other precious metals? Silver is 1.1% lower, platinum is 1.0% lower and palladium is 0.5% higher. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Today we will get the NFIB Small Business Index release at 6:00 a.m., and a speech from the FOMC Member Mester at 12:00 p.m.

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

Tuesday, October 11

• 6:00 a.m. U.S. – NFIB Small Business Index
• 12:00 p.m. U.S. – FOMC Member Mester Speech
• 2:35 p.m. U.K. – BOE Governor Bailey Speech
• Tentative, U.S. – IBD/TIPP Economic Optimism
• All Day – IMF Meetings

Wednesday, October 12

• 2:00 a.m. U.K. – GDP m/m
• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 9:30 a.m. Eurozone – ECB President Lagarde Speech
• 1:01 p.m. U.S. – 10-y Bond Auction
• 1:45 p.m. U.S. – FOMC Member Barr Speech
• 2:00 p.m. U.S. – FOMC Meeting Minutes
• 6:30 p.m. U.SA. – FOMC Member Bowman Speech
• All Day – IMF Meetings, G20 Meetings

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

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.