Advertisement
Advertisement

Daily Gold News: Gold Lower Following Covid-19 Vaccine News

By:
Paul Rejczak
Updated: Nov 9, 2020, 13:36 UTC

Gold is 2.4% lower this morning, as it is retracing its last week’s advance following the mentioned news about coronavirus vaccine

Daily Gold News: Gold Lower Following Covid-19 Vaccine News

In this article:

The gold futures contract gained 0.25% on Friday, as it extended its short-term advance following a rebound from local low of around $1,850. The markets continued to react on U.S. Presidential Election uncertainty but today we can see euphoria rally after Covid-19 vaccine news release. Gold got back to around $1,950 price level last week, as we can see on the daily chart ( the chart includes today’s intraday data ):

undefined

Gold is 2.4% lower this morning, as it is retracing its last week’s advance following the mentioned news about coronavirus vaccine. What about the other precious metals? Silver gained 1.87% on Friday and today it is 2.7% lower. Platinum lost 0.06% and today it is 2.1% lower. Palladium gained 4.88% on Friday and today it’s 1.8% lower. So precious metals are retracing their last week’s advance this morning .

Friday’s Nonfarm Payrolls number release has been slightly better than expected at +83,600. Today we won’t get any important economic data releases. However, there will be some Fed talk.

Let’s focus on last Tuesday’s U.S. Presidential Election . Where would the price of gold go following the event? We’ve compiled the data since 1992, a 28-year-long period of time that contains of seven U.S. Presidential Elections. The chart shows price paths 5 days before and 10 days after the election day. Gold gained the most in 2004 and lost the most in 2016. On average, it was around 0.5% lower 10 days after.

undefined

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, November 9

  • 4:25 a.m. Eurozone – ECB President Lagarde Speech
  • 1:30 p.m. U.S. – FOMC Member Mester Speech

Tuesday, November 10

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 10:00 a.m. U.S. – JOLTS Job Openings
  • 12:00 p.m. U.S. – FOMC Member Kaplan Speech
  • 2:00 p.m. U.S. – FOMC Member Quarles Speech
  • 5:00 p.m. U.S. – FOMC Member Brainard Speech

 

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

Did you find this article useful?

Advertisement