Daily Gold Update: Tuesday, October 18 – Gold’s Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.92% on Monday, October 17, as it continued to fluctuate within a short-term consolidation following the recent declines. On Friday the market fell to the new medium-term low of $1,645.60 on stronger U.S. dollar and stock markets’ rout.

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. The previous Tuesday’s high was at $1,738.70. This morning gold price is going sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.2% higher, as it is trading along the $1,650 price level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.3% higher and palladium is 1.2% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Empire State Manufacturing Index release has been lower than expected at -9.1. Today we will get the Industrial Production release at 9:15 a.m., among others.

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

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

Wednesday, October 19

• 2:00 a.m. U.K. – CPI y/y
• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m
• 2:00 p.m. U.S. – Beige Book
• 6:30 p.m. U.S. – FOMC Member Bullard Speech
• 8:30 p.m. Australia – Unemployment Rate, Employment Change

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

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