Daily Gold News: Wednesday, Oct. 6 – Gold’s Consolidation – Still At $1,750 Price Level

The gold futures contract lost 0.38% on Tuesday, as it fluctuated following a short-term advance over the $1,750 price level. The market got back above that level following a downward correction in U.S. dollar and falling stock prices. This morning gold is trading along $1,750 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it is trading along its recent local lows. What about the other precious metals? Silver is 1.6% lower, platinum is 1.3% lower and palladium is 2.2% lower. So precious metals’ prices are lower this morning.

Yesterday’s ISM Services PMI release has been better than expected at 61.9 vs. expectations of 59.9. Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m. We will also have some Fed-talk.

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

Wednesday, October 6

  • 8:15 a.m. U.S – ADP Non-Farm Employment Change
  • 9:00 a.m. U.S. – FOMC Member Bostic Speech
  • 11:30 a.m. U.S. – FOMC Member Bostic Speech
  • All Day, China – Bank Holiday

Thursday, October 7

  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:40 a.m. U.S. – FOMC Member Williams Speech
  • 12:00 p.m. Canada – BOC Governor Macklem Speech
  • 9:45 p.m. China – Caixin Services PMI

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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