Gold Price Recap

The gold futures contract lost 0.13% on Wednesday, November 9, as it fluctuated following its Tuesday’s rally of 2.1%. On Tuesday the market broke above a short-term consolidation on strengthening U.S. dollar, advancing stock markets. It rallied above the $1,700 price level and it was the highest since the early October. Gold got closer to its previous local highs of around $1,735-1,740. This morning it is trading within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.1% higher, as it is still trading above the $1,700 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.8% higher and palladium is 2.4% lower. So the main precious metals’ prices are slightly higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Wholesale Inventories release has been lower than expected at +0.6%. Today we will get the important Consumer Price Index release at 8:30 a.m., among others. It is expected at +0.6% m/m.

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

Thursday, November 10

• 2:00 a.m. U.S. – FOMC Member Waller Speech
• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
• 11:50 a.m. Canada – BOC Governor Macklem Speech
• 12:30 p.m. U.S. – FOMC Member Mester Speech
• 1:30 p.m. U.S. – FOMC Member George Speech

Friday, November 11

• 2:00 a.m. U.K. – GDP m/m, Preliminary GDP q/q
• 5:00 a.m. Eurozone – EU Economic Forecasts
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• All Day, Eurozone – ECOFIN Meetings
• All Day, U.S., Canada – Bank Holiday
• All Day, Eurozone – French Bank Holiday

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

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