Gold is rebounding following Monday’s sell-off, important economic data in focus.
The gold futures contract gained 0.11% on Thursday, November 28, as it fluctuated following its Monday’s sell-off of 3.5%. On Monday, gold sold on news about a potential Israel-Lebanon ceasefire deal. Yesterday, It retraced more of its recent advances, reaching local low of $2,605.30. On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections the previous week. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.2% higher, as it is trading along the $2,680 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.7% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been basically as expected at 111.7. Today, we will get the GDP reading at 8:30 a.m. and the important Core PCE Price Index release at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 27
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
Thursday, November 28
- 3:55 a.m. Australia - RBA Governor Bullock Speech
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist