Gold retraced its recent declines, rebounding above the $2,650 level again.
The gold futures contract gained 1.40% on Friday, October 11, as it retraced more of its recent pullback from the September 26 record high of 2,708.70. Gold came back above the $2,650 level. Last Tuesday, gold broke below its recent trading range on stock markets’ uncertainty, among other factors. Earlier, it was trading within a consolidation along the $2,650-2,700 level. In early September, the market was trading along the $2,550 level, before rebounding from $2,500.
This morning, gold is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $2,670 level. What about the other precious metals? Silver is 1.1% lower, platinum is 1.1% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Producer Price Index release has been slightly lower than expected at 0.0% month-over-month. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 14
- 3:00 p.m. U.S. - FOMC Member Waller Speech
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
Tuesday, October 15
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 11:30 a.m. U.S. - FOMC Member Daly Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
Paul Rejczak
Stock Trading Strategist