Gold is rebounding after last week’s sell-off; investors brace for more data.
The gold futures contract lost 0.11% on Friday, November 15, as it fluctuated follwing its recent declines. On Thursday, gold was the lowest since mid-September after selling off 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.1% higher, as it is trading near the $2,600 level. What about the other precious metals? Silver is 1.3% higher, platinum is 1.5% higher and palladium is 2.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Retail Sales release has been slightly higher than expected at +0.4% month-over-month. Today, we will get the NAHB Housing Market Index 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, 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
Tuesday, November 19
- 5:00 a.m. U.K. - Monetary Policy Report Hearings
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y,
- Common CPI y/y, Core CPI m/m
- 1:10 p.m. U.S. - FOMC Member Schmid Speech
- 8:00 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist