Daily Gold News: November 20 – Gold Price Is Below $1,980 Again

Gold bounced from $2,000 level; markets go sideways following last week’s advances.

The gold futures contract lost 0.13% on Friday, November 17 as it fluctuated after its recent advances. On Friday gold reached new local high of around $1,996 following weaker U.S. dollar, among other factors. The market extended its rebound from last Monday’s local low of $1,935.60. On Monday a week ago the market was the lowest since mid-October. Then gold rallied after the important Tuesday’s CPI release.

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.

Today gold is retracing some more of the recent advances as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 20 – Gold Price Is Below $1,980 Again - Image 1

The gold price is 0.5% lower as it is trading below the $1,980 level. What about the other precious metals? Silver is 1.7% lower, platinum is 0.1% lower and palladium is 0.1% lower. So the main precious metals’ prices are lower this morning.

Today we won’t get any new important economic data. The markets will be waiting for tomorrow’s FOMC Meeting Minutes release.

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

Monday, November 20

  • 1:45 p.m. U.K. - BOE Governor Bailey Speech
  • 6:00 p.m. Australia - RBA Governor Bullock Speech
  • 7:30 p.m. Australia - Monetary Policy Meeting Minutes

Tuesday, November 21

  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 10:00 a.m. U.S. - Existing Home Sales
  • 11:00 a.m. Eurozone - ECB President Lagarde Speech
  • 2:00 p.m. U.S. - FOMC Meeting Minutes

Paul Rejczak
Stock Trading Strategist