Gold keeps fluctuating following its rebound last week as markets await more data.
The gold futures contract lost 0.40% on Monday, October 14, as it retraced some of its last week’s rebound despite the stock market’s rally. Last week, gold was retracing 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 again, 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 also 0.1% higher, platinum is 1.2% lower and palladium is 1.7% lower. So, the main precious metals’ prices are virtually flat this morning.
Today, we will get the Empire State Manufacturing Index release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, October 16
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Import Prices m/m
- 2:40 p.m. Eurozone - ECB President Lagarde Speech
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist