Gold sold off on geopolitical news; markets await economic data today.
The gold futures contract lost 3.45% on Monday, November 25 as it sold on news about a potential Israel-Lebanon ceasefire deal. It retraced a large part of its recent advances, reaching local low of $2,616.60. On 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading along the $2,660 level (new series of the futures contract). What about the other precious metals? Silver is 0.6% higher, platinum is 0.9% lower and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important CB Consumer Confidence release at 10:00 a.m., and the FOMC Meeting Minutes announcement at 2:00 p.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, November 27
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
Paul Rejczak
Stock Trading Strategist