Daily Gold News: Thursday, Nov. 11 – Gold Extends Its Short-Term Uptrend
The gold futures contract gained 0.96% on Wednesday, Nov. 10, as it extended its short-term uptrend. On Friday the market broke above its late October local highs and the $1,800 level following better than expected monthly jobs data release. This morning the yellow metal is trading along its yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):
Right now gold is 0.8% higher, as it is trading above the $1,850 price level. What about the other precious metals? Silver is 1.9% higher, platinum is 1.6% higher and palladium is 2.2% higher. So precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index m/m release has been worse (higher) than expected at +0.9% vs. a forecast of +0.6%. Today we didn’t get any new important economic data announcements.
Where would the price of gold go following last Friday’s monthly jobs data announcement? We’ve compiled the data since September of 2018, a 38-month-long period of time that contains of thirty eight NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.19% higher on the 10th day after the NFP release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, November 11
- 5:00 a.m. Eurozone – EU Economic Forecasts
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
- All Day, Eurozone – French Bank Holiday
Friday, November 12
- 10:00 a.m. U.S. – JOLTS Job Openings, Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 12:10 a.m. U.S. – FOMC Member Williams Speech
- Tentative, U.S. – Treasury Currency Report
- All Day, Eurozone – ECOFIN Meetings
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.