Gold is moving sideways after recent declines; Retail Sales data in focus.
The gold futures contract lost 0.53% on Thursday, November 14, as it extended its short-term downtrend once again, reaching a new local low of $2,541.50. Gold was the lowest since mid-September after selling off in a reaction to 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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,570 level. What about the other precious metals? Silver is 0.4% higher, platinum is 1.1% higher and palladium is 2.7% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Producer Price Index release has been as expected at +0.2% month-over-month. Today, we will get the Retail Sales release at 8:30 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).
Friday, November 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
Monday, November 18
- 10:00 a.m. U.S. - NAHB Housing Market Index, FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist