Daily Gold News: November 16 – Gold Trading Sideways

Gold price fluctuates following recent advance, more economic data is in focus.

The gold futures contract lost 0.11% on Wednesday, November 15 as it went sideways following its Monday’s-Tuesday’s advances. 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 extending its consolidation as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 16 – Gold Trading Sideways - Image 1

The gold price is 0.1% higher as it is trading below the $1,970 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.2% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s important Producer Price Index release has been lower than expected at -0.5% m/m. Today we will get the Unemployment Claims release at 8:30 a.m., among others. There will also be speeches from the FOMC Members.

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

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

Friday, November 17

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 3:30 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 9:45 a.m. U.S. - FOMC Member Goolsbee Speech

Paul Rejczak
Stock Trading Strategist