Gold remains close to $2,750 as investors brace for more data, presidential elections.
The gold futures contract gained 0.21% on Friday, October 25, as it continued to fluctuate within a short-term consolidation. The market is still trading near its last Wednesday’s record high of $2,772.60. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions and the upcoming U.S. Presidential Elections.
This morning, gold basically continues sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading below the $2,750 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.4% lower and palladium is 1.4% higher. So, the main precious metals’ prices are lower this morning.
Friday’s Retail Sales release has been slightly lower than expected at +0.4% month-over-month. Today, we won’t get any new important economic data. The markets will be waiting for the CB Consumer Confidence and JOLTS Job Openings data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 28
- 1:30 p.m. Canada - BOC Governor Macklem Speech
Tuesday, October 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
- 8:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- Tentative, U.K. - Monetary Policy Report Hearings
Paul Rejczak
Stock Trading Strategist