Daily Gold News: Gold’s Upward Correction, Back Above $1,800

The gold futures contract lost 0.40% on Monday, as it extended its short-term downtrend following breaking below the recent local lows along the price level of $1,850. Three weeks ago on Monday gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. Last week there has been a breakdown below the support level of $1,850. And today the market is retracing some of the decline, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold price is 1.7% higher this morning, as it is retracing some of its short-term decline. What about the other precious metals? Silver lost 0.20% on Monday and today it is 3.6% higher. Platinum gained 0.11% and today it is 1.8% higher. Palladium lost 1.39% yesterday and today it’s 1.0% higher. So precious metals are advancing this morning .

Yesterday’s Chicago PMI and Pending Home Sales releases have been worse than expected. Today we will get the ISM Manufacturing PMI and the Fed Chair Powell Testimony at 10:00 a.m.

The markets will wait for Friday’s monthly jobs data release .

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

Tuesday, December 1

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI , Fed Chair Powell Testimony , Construction Spending m/m, ISM Manufacturing Prices
• 7:00 p.m. Australia – RBA Governor Lowe Speech
• 7:30 p.m. Australia – GDP q/q
• All Day, Eurozone – ECOFIN Meetings

Wednesday, December 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:00 a.m. U.S. – FOMC Member Quarles Speech
• 10:00 a.m. U.S. – Fed Chair Powell Testimony
• 1:00 p.m. U.S. – FOMC Member Williams Speech
• 2:00 p.m. U.S. – Beige Book
• 8:45 p.m. China – Caixin Services PMI

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.

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