Gold trades sideways ahead of the important CPI release.
The gold futures contract gained 0.65% on Monday, November 13 as it bounced following its recent declines. Yesterday’s daily low was at $1,935.60. The market was the lowest since mid-October. Last week on Tuesday it broke below the previous trading range on strengthening U.S. dollar, among other factors. Gold was selling off from its previous Friday’s high of $2,012. Recently it was rallying on increasing global geopolitcal risks, among other factors.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied to $2,000 level. 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 trading sideways ahead of the important inflation data as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged as it is trading along the $1,950 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% higher and palladium is 1.1% lower. So the main precious metals’ prices are relatively flat this morning.
The markets will be waiting for today’s important Consumer Price Index release at 8:30 a.m. There will likely be an increased volatility following that data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, November 14
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 12:45 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - Wage Price Index q/q
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Wednesday, November 15
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist