Daily Gold News: Monday, Nov. 23 – Gold’s Weakness Despite Falling USD

The gold futures contract lost 0.59% on Friday, as it continued to fluctuate within a short-term consolidation following the previous Monday’s 5% sell-off. Gold sold off after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The yellow metal has retraced all of its previous advance. It came back down to $1,850 price level, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.3% lower this morning, as it is still trading within a consolidation. What about the other precious metals? Silver gained 1.31% on Friday and today it is 1.1% lower. Platinum gained 0.60% and today it is 0.9% lower. Palladium gained 0.15% on Friday and today it’s 0.1% higher. So precious metals are generally lower this morning .

Today we will get the U.S. Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The markets will now wait for tomorrow’s Consumer Confidence release.

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

Monday, November 23

• 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

Tuesday, November 24

• 10:00 a.m. U.S. – CB Consumer Confidence , Richmond Manufacturing Index

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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