Daily Gold News: November 7 – Gold Trading Lower
Gold price is breaking below its recent lows this morning, USD gains.
The gold futures contract lost 0.53% on Monday, November 6 as it extended a consolidation along the $2,000 level. On Friday it traded as high as $2,012 but then it retraced the advance following weaker-than-expected monthly jobs data. Recently it rallied on increasing global geopolitcal risks, interest rates fears, among other factors.
On October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release, among other factors. Earlier gold kept selling off on economic data releases, strong U.S. dollar. On Friday gold was the highest since late July.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is breaking below the recent lows as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower as it is trading along the $1,970 level. What about the other precious metals? Silver is 2.7% lower, platinum is 1.5% lower and palladium is 2.2% lower. So the main precious metals’ prices are much lower this morning.
Today we won’t get any new important economic data releases, however, there will be 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 7
- 9:15 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - FOMC Member Waller Speech
- 1:25 p.m. U.S. - FOMC Member Logan Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - IBD/TIPP Economic Optimism
Wednesday, November 8
- 4:30 a.m. U.K. - BOE Governor Bailey Speech
- 5:15 a.m. U.S. - FOMC Member Cook Speech
- 9:15 a.m. U.S. - Fed Chair Powell Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Member Barr Speech
- 4:45 p.m. U.S. - FOMC Member Jefferson Speech
- 8:30 p.m. China - CPI y/y, PPI y/y
- All Day, Eurozone - Eurogroup Meetings
Stock Trading Strategist