Gold continues its short-term uptrend as markets await important inflation data.
The gold futures contract gained 0.59% on Tuesday, October 10 as it extended its short-term uptrend. On Friday gold reached new local low of $1,823.50. It was the lowest since early March, but the market rallied after monthly jobs data release. Recently gold kept selling off after economic data releases, strong U.S. dollar.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading higher again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher as it is trading closer to the $1,890 level. What about the other precious metals? Silver is 1.1% higher platinum is 0.3% lower and palladium is 1.0% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been as expected at -0.1% m/m. 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. Investors will be also waiting for the CPI number tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 11
- 4:15 a.m. U.S. - FOMC Member Bowman Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- All Day - IMF Meetings
Thursday, October 12
- 2:00 a.m. U.K. - GDP m/m
- 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
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. China - CPI y/y, PPI y/y
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist