Daily Gold News: October 17 – Gold Price Remains Well Above $1,900

Yellow metal trades sideways ahead of the important U.S. Retail Sales data.

The gold futures contract lost 0.37% on Monday, October 16 as it fluctuated following its Friday’s rally of more than 3%. On Friday the yellow metal was advancing on increased geopolitcal risks, among other factors. On previous Friday, October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release. Earlier gold kept selling off on economic data releases, strong U.S. dollar. Last Friday’s rally retraced most of the late September gold price declines.

In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.

Today gold is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: October 17 – Gold Price Remains Well Above $1,900 - Image 1

The gold price is 0.1% higher as it is trading above the $1,930 level. What about the other precious metals? Silver is 0.3% higher platinum is unchanged and palladium is 0.8% lower. So the main precious metals’ prices are slightly higher this morning.

Yesterday’s Empire State Manufacturing Index release has been higher than expected at -4.6. Today we will get the Retail Sales release at 8:30 a.m., among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, October 17

  • 2:00 a.m. U.K. - Claimant Count Change
  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:00 a.m. U.S. - FOMC Member Williams Speech
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
  • Core CPI m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 9:20 a.m. U.S. - FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 6:35 p.m. Australia - RBA Governor Bullock Speech
  • 10:00 p.m. China - Industrial Production y/y, GDP y/y, Retail Sales y/y
  • All Day, Eurozone - ECOFIN Meetings

Wednesday, October 18

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 12:00 p.m. U.S. - FOMC Member Waller Speech
  • 12:30 p.m. U.S. - FOMC Member Williams Speech
  • 1:00 p.m. U.S. - FOMC Member Bowman Speech
  • 2:00 p.m. U.S. - Beige Book
  • 3:15 p.m. U.S. - FOMC Member Harker Speech
  • 6:55 p.m. U.S. - FOMC Member Cook Speech
  • 8:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist