Daily Gold News: November 24 – Gold Trades Sideways Again

Gold price extends its consolidation along $2,000 level, PMI data in focus.

The gold futures contract gained 0.03% on Thursday, November 23 as it went sideways following the recent advance. The activity was low due to Thanksgiving Day in the U.S. On Tuesday gold reached new local high of $2,009.80. 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 sideways again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 24 – Gold Trades Sideways Again - Image 1

The gold price is 0.2% higher as it is trading just below $2,000 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% lower and palladium is 0.4% higher. So the main precious metals’ prices are slightly higher this morning.

Wednesday’s Unemployment Claims release has been lower than expected at 209,000. Today we will get the important Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m.

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

Friday, November 24

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 5:00 a.m. Eurozone - ECB President Lagarde Speech
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI

Monday, November 27

  • 10:00 a.m. U.S. - New Home Sales
  • 10:20 p.m. Australia - RBA Governor Bullock Speech

Paul Rejczak
Stock Trading Strategist