Gold price broke above $2,000 level again; markets await more economic data.
The gold futures contract gained 1.08% on Tuesday, November 21 as it extended its recent advances on economic data, weaker U.S. dollar. Yesterday gold reached new local high of $2,009.80. The market extended its rebound from last Monday’s local low of $1,935.60. On Monday a week ago the market was the lowest since mid-October. Then gold rallied after the important Tuesday’s 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 to $2,000 level.
Today gold is trading along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading above $2,000 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.1% higher and palladium is 0.8% lower. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Existing Home Sales release has been lower than expected at 3.79 million. Today we will get the Unemployment Claims release at 8:30 a.m. and the Revised UoM Consumer Sentiment 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).
Wednesday, November 22
- 3:35 a.m. Australia - RBA Governor Bullock Speech
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:30 a.m. U.S. - Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 11:30 a.m. Canada - BOC Governor Macklem Speech
- All Day, Japan – Bank Holiday
Thursday, November 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist