Gold remains close to $2,000 as markets fluctuate following last week’s price action.
The gold futures contract lost 0.22% on Monday, November 20 as it fluctuated below the $2,000 level following last week’s advance. On Friday gold reached new local high of around $1,996 following weaker U.S. dollar, and yesterday it traded as low as $1,967.20. 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 trading higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher as it is trading slightly below the $1,990 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.7% higher and palladium is 0.4% higher. So the main precious metals’ prices are mixed this morning.
Today we will get the important FOMC Meeting Minutes release at 2:00 p.m. There will also be the Existing Home Sales release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, November 22
- 3:35 a.m. Australia - RBA Governor Bullock Speech
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:30 a.m. U.S. - Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 11:30 a.m. Canada - BOC Governor Macklem Speech
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist