Daily Gold Update: Wednesday, October 12 – Gold Price Going Sideways Ahead of Economic Data

Gold Price Recap

The gold futures contract gained 0.64% on Tuesday, October 11, as it fluctuated following the recent declines. On Monday it broke below its last week’s local lows following Friday’s monthly jobs data release, among other factors. On September 28 it bounced from the new medium-term low of $1,622.20. It was the lowest since the 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 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 $1,700 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.7% higher and palladium is 1.2% higher. So the main precious metals’ prices are slightly higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s NFIB Small Business Index release has been higher than expected at 92.1. Today we will get the important Producer Price Index release at 8:30 a.m. and the FOMC Meeting Minutes release at 2:00 p.m., among others.

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

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

Thursday, October 13

• 8:30 a.m. U.S. – CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
• 1:01 p.m. U.S. – 30-y Bond Auction
• Tentative, U.S. – Federal Budget Balance
• All Day – IMF Meetings, G20 Meetings

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

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