Gold advanced following lower than expected consumer inflation release.
The gold futures contract gained 0.84% on Tuesday, November 14 as it extended its Monday’s rebound of 0.7%. Monday’s daily low was at $1,935.60 and 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 higher again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher as it is closer to the $1,980 level. What about the other precious metals? Silver is 1.5% higher, platinum is 0.8% higher and palladium is 2.6% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s important Consumer Price Index release has been slightly lower than expected at 0.0% m/m and +3.2% y/y. Today we will get the Producer Price Index number at 8:30 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).
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
Thursday, November 16
- 6:30 a.m. Eurozone - ECB President Lagarde Speech
- 7:10 a.m. U.S. - FOMC Member Barr Speech
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:25 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 10:30 a.m. U.S. - FOMC Member Waller Speech
- 10:35 a.m. U.S. - FOMC Member Barr Speech
- 12:00 p.m. U.S. - FOMC Member Cook Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Paul Rejczak
Stock Trading Strategist