Daily Gold News: November 10 – Gold Trading Lower Again

Gold price is closer to $1,950 again, it’s retracing yesterday’s advance.

The gold futures contract gained 0.61% on Thursday, November 9 as it bounced following its recent declines. Yesterday’s daily low was at $1,948.30 and the closing price was at around $1,970. On Tuesday it broke below the previous trading range on strengthening U.S. dollar, among other factors. The market was selling off from its last Friday’ high of $2,012. Recently gold rallied on increasing global geopolitcal risks, among other factors.

On October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release, among other factors. Earlier gold kept selling off on economic data releases, strong U.S. dollar. On Friday gold was the highest since late July.

In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.

Today gold is retracing its yesterday’s advance as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 10 – Gold Trading Lower Again - Image 1

The gold price is 0.8% lower as it is trading closer to the $1,950 level again. What about the other precious metals? Silver is 1.5% lower, platinum is 1.3% lower and palladium is 4.3% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been as expected at 217,000. Today we will get the Preliminary UoM Consumer Sentiment release at 10:00 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).

Friday, November 10

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 7:30 a.m. Eurozone - ECB President Lagarde Speech
  • 7:30 a.m. U.S. - FOMC Member Logan Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 2:00 p.m. U.S. - Federal Budget Balance
  • All Day, Eurozone - ECOFIN Meetings

Monday, November 13

  • 2:00 p.m. U.S. - Federal Budget Balance
  • 7:30 p.m. Australia - NAB Business Confidence
  • All Day, Canada - Bank Holiday

Paul Rejczak
Stock Trading Strategist