Gold price rallied to new all-time high overnight, before quickly reversing lower.
The gold futures contract gained 1.58% on Friday, December 1 as it broke above its Wednesday’s-Thursday’s trading range and accelerated the uptrend. Gold extended its long-term uptrend on economic data, weaker U.S. dollar, among other factors. On Monday November 13 gold was the lowest since mid-October, and then it rallied after lower-than-expected CPI release.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.
Today after the overnight session’s open gold rallied to its new all-time-high of around $2,151, before reversing lower and retracing the whole advance as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher as it is trading along the $2,090 level. It’s trading more than $60 below its overnight high. What about the other precious metals? Silver is 0.3% higher, platinum is 0.6% lower and palladium is 2.0% lower. So the main precious metals’ prices are higher this morning.
Friday’s ISM Manufacturing PMI release has been lower than expected at 46.7. Today we will get the Factory Orders release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 4
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Factory Orders m/m
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
Tuesday, December 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - GDP q/q
Paul Rejczak
Stock Trading Strategist