The gold futures contract lost 1.81% on Tuesday, as it extended its Monday’s sell-off following breaking below the recent local lows along the price level of $1,850. 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 0.3% higher this morning, as it is retracing some of the recent declines. What about the other precious metals? Silver lost 1.41% on Tuesday and today it is 0.5% higher. Platinum gained 2.85% and today it is 0.7% lower. Palladium lost 0.07% yesterday and today it’s 0.9% lower. So precious metals are mixed this morning .
Yesterday’s Consumer Confidence release has been slightly worse than expected at 96.1. Today 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:
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
Thursday, November 26
- All Day, U.S. – Bank Holiday
For a look at all of today’s economic events, check out our economic calendar.
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