Daily Gold News: Selling Pressure as Gold Gets Closer to $1,800

The gold futures contract lost 1.85% on Monday, as it broke below its recent local lows along the price level of $1,850. Two weeks ago 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 yesterday 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 1.3% lower this morning, as it is extending yesterday’s decline. What about the other precious metals? Silver lost 3.00% on Monday and today it is 1.9% lower. Platinum lost 2.66% and today it is 0.2% lower. Palladium gained 1.31% yesterday and today it’s 1.0% higher. So precious metals are lower again this morning .

Yesterday’s U.S. Flash Manufacturing PMI and Flash Services PMI releases have both been better than expected. The markets will now wait for today’s Consumer Confidence release at 10:00 a.m. It is expected to reach 97.7, down from last month’s value of 100.9. Tomorrow we will get the Preliminary GDP and the FOMC Meeting Minutes releases, among others.

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

Tuesday, November 24

  • 10:00 a.m. U.S. – CB Consumer Confidence , Richmond Manufacturing Index

Wednesday, November 25

  • 4:00 a.m. Eurozone – ECB Financial Stability Review
  • 8:30 a.m. U.S. – Preliminary GDP q/q , Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary GDP Price Index q/q, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, New Home Sales
  • 2:00 p.m. U.S. – FOMC Meeting Minutes

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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