Daily Gold News: Tuesday, Nov. 17 – Gold Going Sideways

The gold futures contract gained 0.08% on Monday, as it continued to trade within a short-term consolidation following last week’s 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 0.1% lower this morning, as it trading along yesterday’s closing price. What about the other precious metals? Silver gained 0.11% on Monday and today it is 0.1% lower. Platinum gained 3.52% and today it is 0.3% lower. Palladium gained 0.66% on Monday and today it’s 0.4% lower. So precious metals are mixed this morning .

Yesterday’s Empire State Manufacturing Index release has been worse than expected at 6.3. Today we will get the important Retail Sales number at 8:30 a.m. and the Industrial Production release at 9:15 a.m.

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

Tuesday, November 17

• 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , Import Prices m/m
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
• 5:00 p.m. Australia – RBA Governor Lowe Speech
• All Day – OPEC-JMMC Meetings

Wednesday, November 18

• 8:30 a.m. U.S. – Housing Starts, Building Permits
• 8:30 a.m. Canada – CPI m/m

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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