Daily Gold News: Gold’s Low Volatility Following Recent Declines

The gold futures contract gained 0.05% on Wednesday, as it fluctuated following Monday’s sell-off after breaking below the recent local lows along the price level of $1,850. More than two 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. And on Monday 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 0.2% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver gained 0.27% on Wednesday and today it is 0.6% lower. Platinum gained 1.20% and today it is 0.9% lower. Palladium gained 0.53% on Wednesday and today it’s 0.4% lower. So precious metals are lower this morning .

Wednesday’s Preliminary GDP release has been as expected at +33.1% (q/q). And the Unemployment Claims number has been slightly worse than expected at 778,000.

There will be no new important economic data releases today, and trading hours will be shorter due to Thanksgiving long weekend.

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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