Daily Gold News: Tuesday, Nov. 23 – Gold Sold Off Amid Powell’s Reappointment, Stocks’ Volatility

The gold futures contract lost 2.45% on Monday, as it broke below the recent trading range. The market sold off following strengthening U.S. dollar and volatile stock prices. The markets reacted to the reappointment of Jerome Powell as the Fed Chair, among other factors. Gold got closer to the $1,800 level and this morning it is trading slightly below that price mark, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.5% lower this morning, as it is extending its yesterday’s sell-off. What about the other precious metals? Silver is 1.5% lower, platinum is 1.7% lower and palladium is 0.7% lower. So precious metals’ prices are lower this morning.

Today we will get the U.S. Flash Manufacturing PMI, Flash Services PMI and the Richmond Manufacturing Index releases. The markets will be waiting for series of economic data releases on Wednesday, including the Core PCE Price Index, Preliminary GDP number and the FOMC Meeting Minutes.

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

Tuesday, November 23

• 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
• 10:00 a.m. U.S. – Richmond Manufacturing Index

Wednesday, November 24

• 4:00 a.m. Eurozone – German ifo Business Climate
• 8:30 a.m. U.S. – Preliminary GDP q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Unemployment Claims, Goods Trade Balance, Preliminary GDP Price Index q/q, Preliminary Wholesale Inventories m/m
• 10:00 a.m. U.S. – Core PCE Price Index m/m, Revised UoM Consumer Sentiment, New Home Sales, Personal Income m/m, Personal Spending m/m, Revised UoM Inflation Expectations
• 2:00 p.m. U.S. – FOMC Meeting Minutes

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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