Gold price is breaking above the recent htrading range on weaker USD.
The gold futures contract gained 0.51% on Friday, November 24 as it went closer to the recent local highs on a long holiday weekend trading day. On Tuesday gold reached new local high of around $2,010. The market extended its rebound from the previous Monday’s local low of $1,935.60. The market was the lowest since mid-October at that low. Then gold rallied after the important CPI release on Tuesday.
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 breaking above the recent consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher as it is trading along the $2,015 level. What about the other precious metals? Silver is 2.0% higher, platinum is 0.3% higher and palladium is 1.2% higher. So the main precious metals’ prices are higher this morning.
Friday’s important Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today we will get the New Home Sales number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 27
- 10:00 a.m. U.S. - New Home Sales
- 10:20 p.m. Australia - RBA Governor Bullock Speech
Tuesday, November 28
- 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, Richmond Manufacturing Index, FOMC Member Goolsbee Speech
- 10:05 a.m. U.S. - FOMC Member Waller Speech
- 10:45 a.m. U.S. - FOMC Member Bowman Speech
- 1:05 p.m. U.S. - FOMC Member Barr Speech
- 3:30 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist