Daily Gold Update: Monday, November 7 – Gold Fluctuates Following Friday’s Rally

Gold Price Recap

The gold futures contract gained 2.80% on Friday, November 4, as it went the highest since mid-October following the U.S. monthly jobs data release. On Thursday, November 3, it reached new medium-term low of $1,618.30 on strengthening U.S. dollar, stock markets’ sell-off following Wednesday’s FOMC interest rate hike. So gold sharply reversed its downtrend last week. This morning it is trading along the Friday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.2% lower, as it is trading along the $1,680 price level. What about the other precious metals? Silver is 0.7% lower, platinum is 0.4% higher and palladium is 0.2% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Friday’s Non-Farm Employment Change release has been higher than expected at +261,000 and the Unemployment Rate release has also been higher than expected at 3.7%. Today, we won’t get any new important economic data releases. However, there will be some speeches from the FOMC Members.

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

Monday, November 7

• 3:00 p.m. U.S. – Consumer Credit m/m
• 3:40 p.m. U.S. – FOMC Member Mester Speech, FOMC Member Collins Speech
• All Day, Eurozone – Eurogroup Meetings

Tuesday, November 8

• 4:30 a.m. Australia – RBA Governor Lowe Speech
• 6:00 a.m. U.S. – NFIB Small Business Index
• Tentative, U.S. – IBD/TIPP Economic Optimism
• All Day, U.S. – Congressional Elections

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

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