Daily Gold News: Thursday, October 29 – Gold Broke Below $1,900

·3-min read

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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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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