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

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 […]

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