Commodities
SLV

Daily Gold News: Wednesday, October 28 – Gold Closer to Lows Again

FXEmpire.com -

The gold futures contract gained 0.33% on Tuesday, as it further extended its month-long consolidation above $1,900 price level. 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 0.8% lower this morning, as it is getting back to the recent local lows. What about the other precious metals? Silver gained 0.61% on Tuesday and today it is 1.4% lower. Platinum gained 1.07% and today it is 1.1% lower. Palladium lost 0.62% yesterday and today it is 2.7% lower. So precious metals’ prices are going down this morning .

Yesterday’s Consumer Confidence release has been slightly worse than expected at 100.9. And Durable Goods Orders have been better than expected.

Today we will get the Wholesale Inventories number at 8:30 a.m. The markets will wait for tomorrow’s 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:

Wednesday, October 28

  • 8:30 a.m. U.S. – Preliminary Wholesale Inventories m/m, Goods Trade Balance
  • 10:00 a.m. Canada – Overnight Rate, BOC Monetary Policy Report, BOC Rate Statement
  • 11:15 a.m. Canada – BOC Press Conference
  • 6:00 p.m. U.S. – FOMC Member Kaplan Speech
  • Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate

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

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.

* * * * *

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.

 

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SLV SIVR DBS

Other Topics

US Markets

Latest Markets Videos

    FX Empire

    FX Empire is a leading global financial news portal, delivering up-to-date market news and analysis, streaming quotes and charts, technical data and financial tools tailored for the financial markets.

    Learn More