Gold extends its short-term consolidation as markets await further economic data.
The gold futures contract gained 0.71% on Thursday, October 24, as it retraced some of its Wednesday’s decline of 1.1%, extending a short-term consolidation along the Wednesday’s record high of $2,772.60. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions and incoming U.S. Presidential Elections.
This morning, gold is pulling back again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading along the $2,730 level. What about the other precious metals? Silver is 1.4% lower, platinum is 2.2% lower and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 227,000. Today, we will get the Durable Goods Orders number 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).
Friday, October 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - IMF Meetings
Monday, October 28
- 1:30 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist