Daily Gold News: October 17 – Gold Price Extends Advances

Paul-Rejczak Paul Rejczak 16 h 8 min ago

Gold is trading along the $2,700 level again; economic data in focus.

The gold futures contract gained 0.46% on Wednesday, Octboer 16, as it extended its recent advances, reaching $2,700 level again. Last week, gold was retracing its recent pullback from the September 26 record high of 2,708.70.

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 slightly extending its advance again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: October 17 – Gold Price Extends Advances - Image 1

The gold price is 0.4% higher, as it is trading above the $2,700 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.8% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.

Today, we will get the important Retail Sales and Unemployment Claims data at 8:30 a.m. There will be also the ECB Interest Rate Decision at 8:15 a.m.

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

Thursday, October 17

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
  • 8:45 a.m. U.S. - ECB Press Conference
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 11:00 a.m. U.S. - FOMC Member Goolsbee Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 10:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
  • Tentative, U.S. - Federal Budget Balance

Friday, October 18

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 12:10 p.m. U.S. - FOMC Member Waller Speech
  • Tentative, U.S. - Treasury Currency Report

Paul Rejczak
Stock Trading Strategist