Gold is moving sideways following recent declines; inflation data in focus.
The gold futures contract lost 0.44% on Tuesday, November 12, as it slightly extended its short-term downtrend, reaching a new local low of $2,595.70. It continued a sell-off following the presidential elections last week. Gold extended its decline from the October 29 record high of $2,801.80. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,620 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.1% lower and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 13
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. U.S. - FOMC Member Logan Speech
- 1:00 p.m. U.S. - FOMC Member Musalem Speech
- 1:30 p.m. U.S. - FOMC Member Schmid Speech
- 2:00 p.m. U.S. - Federal Budget Balance
- 6:00 p.m. Australia - RBA Governor Bullock Speech
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, November 14
- 7:00 a.m. U.S. - FOMC Member Kugler Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. Eurozone - ECB President Lagarde Speech
- 3:00 p.m. U.S. - Fed Chair Powell Speech
- 4:00 p.m. U.K. - BOE Governor Bailey Speech
- 4:15 p.m. U.S. - FOMC Member Williams Speech
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist