Gold price extends its consolidation, moving along the $2,650 level.
The gold futures contract gained 0.61% on Friday, November 29, as it extended a short-term consolidation following its Tuesday’s rebound last week. It kept moving sideways due to the Thanksgiving holiday in the U.S.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections the previous week. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is moving within a consolidation again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading along the $2,665 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.1% higher and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important ISM Manufacturing PMI release at 10:00 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).
Monday, December 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:15 p.m. U.S. - FOMC Member Waller Speech
- 4:30 p.m. U.S. - FOMC Member Williams Speech
Tuesday, December 3
- 10:00 a.m. U.S. - JOLTS Job Openings
- 12:35 p.m. U.S. - FOMC Member Kugler Speech
- 3:45 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist