Gold

Daily Gold News: Gold Extending Sell-off Below $1,800

The gold futures contract lost 0.96% on Friday, as it extended its short-term downtrend following breaking below the recent local lows along the price level of $1,850. Three weeks ago on Monday gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The yellow metal came back down to $1,850 price level. Last week there has been a breakdown below that support level, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.8% lower this morning, as it is further extending the downtrend. What about the other precious metals? Silver lost 3.09% on Friday and today it is 2.5% lower. Platinum lost 0.52% and today it is 0.2% lower. Palladium gained 3.17% on Friday and today it’s 0.7% lower. So precious metals are lower again this morning .

Today we will get Chicago PMI and Pending Home Sales releases. But the markets will now wait for Tuesday’s-Wednesday’s Fed Chair Powell testimony and Friday’s monthly jobs data release .

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

Monday, November 30

  • 5:00 a.m. Eurozone – ECB President Lagarde Speech
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Pending Home Sales m/m
  • 10:30 p.m. Australia – Cash Rate, RBA Rate Statement
  • All Day – OPEC Meetings

Tuesday, December 1

  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI , Fed Chair Powell Testimony , Construction Spending m/m, ISM Manufacturing Prices
  • 7:00 p.m. Australia – RBA Governor Lowe Speech
  • 7:30 p.m. Australia – GDP q/q
  • All Day, Eurozone – ECOFIN Meetings

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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