Daily Gold News: Nov. 29 – Gold Price Is Still at $1,750

The yellow metal extends its consolidation, as markets await the Consumer Confidence data.

The gold futures contract lost 0.78% on Monday, November 28, as it continued to trade along the $1,750 level. Last week on Wednesday the market rebounded from the local low of $1,719, and on November 15 gold price reached medium-term high of $1,791.80. The yellow metal reversed lower and last week it retraced some of the advance on U.S dollar strength, stock markets’ pull-back. This morning gold price is retracing its Monday’s decline of 0.5%, as we can see on the daily chart (the chart includes today’s intraday data):

Today, gold price is 0.9% higher, as it is trading above the $1,750 level again. What about the other precious metals? Silver is 2.0% higher, platinum is 1.0% higher and palladium is 0.6% higher. So the main precious metals’ prices are higher this morning.

This morning we will get the important CB Consumer Confidence release at 10:00 a.m., among others. The markets will be waiting for Friday’s monthly jobs data, among others.

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

Tuesday, November 29

  • 8:30 a.m. Canada - GDP m/m
  • 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. - CB Consumer Confidence

Wednesday, November 30

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Preliminary GDP q/q, 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. - JOLTS Job Openings, Pending Home Sales m/m
  • 12:35 p.m. U.S. - FOMC Member Cook Speech
  • 1:30 p.m. U.S. - Fed Chair Powell Speaks
  • 2:00 p.m. U.S. - Beige Book

Paul Rejczak
Stock Trading Strategist