Daily Gold News: November 21 - Gold Price Extends Consolidation

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):

Daily Gold News: November 21 - Gold Price Extends Consolidation - Image 1

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