Daily Gold News: Thursday, Nov. 12 – Gold Continues Sideways

The gold futures contract lost 0.79% on Wednesday, as it continued to fluctuate following Monday’s 5% sell-off. Gold sold off after global financial markets’ euphoria rally in reaction to Covid-19 vaccine news release. The yellow metal has retraced all of last week’s 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% higher this morning, as it remains within a short-term consolidation. What about the other precious metals? Silver lost 0.80% on Wednesday and today it is 0.4% lower. Platinum lost 2.76% and today it is 0.4% higher. Palladium lost 6.26% yesterday and today it’s 1.1% higher. So precious metals are slightly higher this morning .

We didn’t get any new important economic data releases yesterday. Today the markets will await the U.S. CPI number release and the Fed Chair Powell speech.

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

Thursday, November 12

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
• 11:45 a.m. U.S. – Fed Chair Powell Speech
• 11:45 a.m. Eurozone – ECB President Lagarde Speech

Friday, November 13

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

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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