Gold rallied on Friday, today it continues to trade above $1,900.
The gold futures contract gained 3.11% on Friday, October 13 as it rallied on increasing geopolitcal risks, among other factors. On previous Friday, October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release. Earlier gold kept selling off on economic data releases, strong U.S. dollar. Last Friday’s rally retraced most of the late September gold price declines.
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 retracing some of its Friday’s rally as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% lower as it is trading along the $1,930 level. What about the other precious metals? Silver is 0.7% lower platinum is 0.9% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.
Friday’s Michigan Sentiment release has been lower than expected at 63.0. Today we will get the Empire State Manufacturing Index release at 8:30 a.m. and some FOMC Members speeches later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 10:30 a.m. U.S. - FOMC Member Harker Speech
- 4:30 p.m. U.S. - FOMC Member Harker Speech
- 8:30 p.m. Australia - Monetary Policy Meeting Minutes
Tuesday, October 17
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:00 a.m. U.S. - FOMC Member Williams Speech
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:20 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 6:35 p.m. Australia - RBA Governor Bullock Speech
- 10:00 p.m. China - Industrial Production y/y, GDP y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist