Daily Gold News: Thursday, October 29 – Gold Broke Below $1,900
The gold futures contract lost 1.71% on Wednesday, as it broke below $1,900 price level. It has also broken below its multi-week consolidation. In September the market was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is unchanged this morning, as it is trading along yesterday’s daily close. What about the other precious metals? Silver lost 4.93% on Wednesday and today it is 0.4% lower. Platinum lost 1.33% and today it is 0.8% lower. Palladium lost 4.39% yesterday and today it is 1.0% lower. So precious metals’ prices are mixed this morning .
Yesterday’s Wholesale Inventories release has been slightly lower than expected at -0.1%. Today we will get the important Advance GDP number release and ECB’s Monetary Policy update.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Thursday, October 29
8:30 a.m. U.S. – Advance GDP q/q , Advance GDP Price Index q/q, Unemployment Claims
8:45 a.m. Eurozone – Main Refinancing Rate , Monetary Policy Statement
9:30 a.m. Eurozone – ECB Press Conference
10:00 a.m. U.S. – Pending Home Sales m/m
Friday, October 30
3:00 a.m. Eurozone – German Preliminary GDP q/q, German Retail Sales m/m
8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m
8:30 a.m. Canada – GDP m/m, IPPI m/m, RMPI m/m
9:45 a.m. U.S. – Chicago PMI
10:00 a.m. U.S. – Revised UoM Consumer Sentiment
For a look at all of today’s economic events, check out our economic calendar.
Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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This article was originally posted on FX Empire
