Daily Gold News: Gold Going Sideways Following Friday’s Rally -

The gold futures contract gained 1.64% on Friday, as it broke above $1,900 price level. On Tuesday volatility has increased following a tweet from the U.S. President ending stimulus talks. But overall, the market has extended its consolidation. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. 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 0.5% lower this morning, as it is trading along Friday’s high. What about the other precious metals? Silver rallied 5.16% on Friday and today it is 0.4% lower. Platinum gained 3.51% and today it is 1.0% lower. Palladium gained 2.51% on Friday and today it is 0.4% higher. So precious metals are retracing some of their Friday’s rally this morning.

Friday’s Wholesale Inventories release has been as expected. Today there are Bank Holidays in the U.S. and Canada, so intraday volatility remains relatively low. Tomorrow we will get some important economic data from the Eurozone and the U.S. Consumer Price Index .

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, October 12

  • All Day, U.S. – Bank Holiday
  • All Day, Canada – Bank Holiday

Tuesday, October 13

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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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.


This article was originally posted on FX Empire


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