gold, silver

Daily Gold News: Gold Remains Close to $1,850 Price Level

The gold futures contract lost 0.66% on Thursday, as it further extended its 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 is trading along the bottom of a short-term consolidation. What about the other precious metals? Silver lost 1.64% on Thursday and today it is 0.4% higher. Platinum gained 0.06% and today it is 0.5% higher. Palladium lost 1.45% yesterday and today it’s 0.3% higher. So precious metals are mixed this morning .

Yesterday’s Unemployment Claims release has been worse than expected at 742,000. But the Philly Fed Manufacturing Index has been better than expected (26.3). Today we won’t get any important economic data releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, November 20

  • 3:15 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – FOMC Member Kaplan Speech
  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales 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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