Daily Gold News: Thursday, November 17 – Gold Price Extends Its Correction
Gold is down this morning, as sentiment deteriorates on stronger U.S. dollar, stocks’ correction.
The gold futures contract lost 0.06% on Wednesday, November 16, as it further extended a short-term consolidation following the recent advances. On Tuesday it reached new medium-term high of $1,791.80, but it reversed lower following news of the Russia-Ukraine conflict escalation. This morning gold is retracing more of the recent advance, as we can see on the daily chart (the chart includes today’s intraday data):
Today, gold is 0.4% lower, as it is trading below the $1,770 price level. What about the other precious metals? Silver is 1.8% lower, platinum is 1.0% lower and palladium is 2.3% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Retail Sales release has been better than expected at +1.3% m/m. Today we will get the Philly Fed Manufacturing Index, Unemployment Claims, Building Permits and Housing Starts releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, November 17
- 8:00 a.m. U.S. - FOMC Member Bullard Speech
- 8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts
- 9:15 a.m. U.S. - FOMC Member Bowman Speech
- 9:40 a.m. U.S. - FOMC Member Mester Speech
- 10:40 a.m. U.S. - FOMC Member Jefferson Speech
- Tentative, U.K. - Autumn Forecast Statement
Friday, November 18
- 3:30 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
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