Daily Gold News: November 29 – Gold Is at New Medium-Term High

Gold price is the highest since May; markets await series of data.

The gold futures contract gained 1.37% on Tuesday, November 28 as it broke above the previous local high on weaker U.S. dollar, among other factors. The market went closer to $2,050 price level and it was the highest since May. 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 above $2,000.

Today gold reached new local high as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 29 – Gold Is at New Medium-Term High - Image 1

The gold price is unchanged as it is trading along the $2,040 level (it’s the previous and less active contract series; February contract is trading along $2,060). What about the other precious metals? Silver is 0.4% higher, platinum is 1.1% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been better than expected at 102. Today we will get the Preliminary GDP release at 8:30 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 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

Thursday, November 30

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 8:30 a.m. Eurozone - ECB President Lagarde Speech
  • 9:05 a.m. U.S. - FOMC Member Williams Speech
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 U.S. - Pending Home Sales m/m
  • 8:45 p.m. China - Caixin Manufacturing PMI
  • All Day - OPEC-JMMC Meetings

Paul Rejczak
Stock Trading Strategist