Gold is 0.4% higher this morning, as it is further extending a short-term consolidation.
The gold futures contract lost 0.94% on Wednesday, as it extended its consolidation along the price level of $1,900. On Tuesday volatility has increased following a tweet from the U.S. President ending stimulus talks. But overall, the market continued going sideways . 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 0.4% higher this morning, as it is further extending a short-term consolidation. What about the other precious metals? Silver lost 0.1% on Wednesday and today it is 0.9% higher. Platinum lost 0.40% and today it is 0.1% lower. Palladium lost 0.38% yesterday and today it is 0.7% higher. So precious metals are generally higher this morning.
Yesterday’s FOMC Meeting Minutes release has been positive for the markets. Today we will get the Unemployment Claims number at 8:30 a.m. It is expected to decline slightly to 820,000.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, October 8
8:30 a.m. U.S. – Unemployment Claims
8:30 a.m. Canada – BOC Governor Macklem Speech
9:45 p.m. China – Caixin Services PMI
Friday, October 9
8:30 a.m. Canada – Employment Change, Unemployment Rate
10:00 a.m. U.S. – Final Wholesale Inventories m/m