Gold extends its short-term consolidation, remaining below the $2,700 level.
The gold futures contract lost 0.12% on Thursday, November 28, as it moved sideways due to the Thanksgiving holiday in the U.S. Earlier, it rebounded after selling off by 3.5% on Monday.
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 gaining and extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,680 level. What about the other precious metals? Silver is 1.7% higher, platinum is 1.0% higher and palladium is 0.5% higher. So, the main precious metals’ prices are higher this morning.
Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 29
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 6:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. Canada - GDP m/m
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Monday, December 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:15 p.m. U.S. - FOMC Member Waller Speech
- 4:30 p.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist