Gold sold off on presidential elections news; markets await the FOMC release.
The gold futures contract lost 2.67% on Wednesday, November 6, as it sold off following the presidential elections on Tuesday. Gold broke below the $2,700 level, reaching the daily low of $2,660.70. Last Thursday, it pulled back from the Wednesday’s record high of $2,801.80 on economic data, stock prices sell-off. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is fluctuating after its sell-off on Wednesday, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,670 level. What about the other precious metals? Silver is 0.4% lower, platinum is 1.1% lower and palladium is 0.9% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, the markets will be waiting for the FOMC Rate Decision at 2:00 p.m. and the FOMC Press Conference at 2:30 a.m. We will also get the Unemployment Claims release at 8:30 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).
Thursday, November 7
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - Mortgage Delinquencies
Friday, November 8
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 8:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist