Gold price is fluctuating following its recent rally, staying above $2,700.
The gold futures contract gained 1.39% on Friday, November 22, as it accelerated its short-term uptrend, retracing more of its post-election pullback. On Thursday, November 14, 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 fluctuating after its recent rally, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading above the $2,700 level. What about the other precious metals? Silver is 0.2% lower, platinum is 1.1% lower and palladium is 1.2% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 25
- 4:00 a.m. Eurozone - German ifo Business Climate
Tuesday, November 26
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist