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Daily Gold News: Friday, October 23 – Gold Bouncing Back and Forth

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The gold futures contract lost 1.29% on Thursday, as it got back to the recent local lows. Yellow metal is extending a short-term consolidation above the price level of $1,900. Recently gold was retracing its 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 0.4% higher this morning, as it continues to trade within a month-long consolidation. What about the other precious metals? Silver lost 2.11% on Thursday and today it is 0.1% higher. Platinum lost 1.11% and today it is 1.6% higher. Palladium lost 1.30% yesterday and today it is 0.5% higher. So precious metals are slightly higher this morning , as they retrace a part of their yesterday’s relatively big declines.

Yesterday’s Unemployment Claims release has been better than expected at 787,000. The Existing Home Sales number has also been better than expected at 6.54 million.

This morning we’ve got better than expected PMI numbers from the Eurozone. That helped the markets retrace their overnight declines. At 9:45 a.m. we will get the U.S. Flash Manufacturing PMI/ Flash Services PMI releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, October 23

  • 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

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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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

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