Gold price rebounded from $2,650; FOMC release led to volatility.
The gold futures contract gained 1.10% on Thursday, November 7, as it rebounded after selling off by 2.7% on Wednesday. The market reversed from the daily low of $2,650.30 yesterday. 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 basically moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,700 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.7% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 221,000. Today, we will get the Preliminary UoM Consumer Sentiment 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).
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
Monday, November 11
- All Day, U.S. - Bank Holiday
- All Day, Eurozone – French Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist