Gold price is moving sideways after rebounding from last week’s low.
The gold futures contract gained 0.63% on Tuesday, November 19, as it extended its short-term uptrend, moving closer to the $2,650 level. Last Thursday, 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 basically moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading along the $2,630 level. What about the other precious metals? Silver is 0.9% lower, platinum is 0.8% lower and palladium is 0.7% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Building Permits and Housing Starts releases have been slightly lower than expected. Today, we won’t get any new economic data, however, there will be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:00 a.m. Eurozone - ECB President Lagarde Speech
- 11:00 a.m. U.S. - FOMC Member Cook Speech
- 12:15 a.m. U.S. - FOMC Member Bowman Speech
- Tentative, Japan - BOJ Governor Ueda Speech
Thursday, November 21
- 3:00 a.m. Australia - RBA Gov Bullock Speech
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 12:25 p.m. U.S. - FOMC Member Goolsbee Speech
- 12:30 p.m. U.S. - FOMC Member Hammack Speech
- 4:40 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist