Daily Gold News: Friday, November 18 – Gold Price Goes Sideways

Gold broke below the recent trading range, it’s trading closer to the $1,750 level again.

The gold futures contract lost 0.72% on Thursday, November 17, as it retraced some of the recent advances after breaking below its short-term consolidation along the $1,780 price level. On Tuesday it reached new medium-term high of $1,791.80, but it reversed lower following news of the Russia-Ukraine conflict escalation. This morning gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today, gold price is 0.1% higher, as it is trading along the $1,760 level. What about the other precious metals? Silver is 1.0% higher, platinum is unchanged and palladium is 1.5% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Philly Fed Manufacturing Index release has been lower than expected at -19.4. Today we will get the Existing Home Sales, CB Leading Index releases at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, November 18

  • 3:30 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m

Monday, November 21

  • No important economic data releases

Paul Rejczak
Stock Trading Strategist