Gold continues to trade above $2,000 level; Consumer Confidence release is in focus.
The gold futures contract gained 0.47% on Monday, November 27 as it broke above its recent trading range along the $2,000 level. Yesterday’s daily high was at $2,018.90 and it was the highest since late October. The market extended the advance following weaker U.S. dollar, elevated stock prices. On previous Monday gold was the lowest since mid-October, and then it rallied after lower-than-expected CPI release last week.
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 close to its yesterday’s local high as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading along the $2,015 level again. What about the other precious metals? Silver is unchanged, platinum is 1.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s New Home Sales release has been lower than expected at 679,000. Today we will get the important CB Consumer Confidence release at 10:00 a.m. There will also be several speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, November 28
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index, FOMC Member Goolsbee Speech
- 10:05 a.m. U.S. - FOMC Member Waller Speech
- 10:45 a.m. U.S. - FOMC Member Bowman Speech
- 1:05 p.m. U.S. - FOMC Member Barr Speech
- 3:30 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - CPI y/y
Wednesday, November 29
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:05 a.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Beige Book
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist