Gold is moving higher again, rebounding after recent sell-off.
The gold futures contract gained 1.73% on Monday, November 18, as it rebounded after its recent sell-off, moving back above the $2,600 level. Last Thursday, gold was the lowest since mid-September after dropping in a reaction to the presidential elections the previous week. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is extending the rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is above the $2,630 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.4% lower and palladium is 0.3% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s NAHB Housing Market Index release has been higher than expected at 46. Today, we will get the Building Permits and Housing Starts numbers at 8:20 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, November 19
- 5:00 a.m. U.K. - Monetary Policy Report Hearings
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y,
- Common CPI y/y, Core CPI m/m
- 1:10 p.m. U.S. - FOMC Member Schmid Speech
- 8:00 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day - G20 Meetings
Wednesday, November 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:00 a.m. Eurozone - ECB President Lagarde Speech
- 11:00 a.m. U.S. - FOMC Member Cook Speech
- 12:15 a.m. U.S. - FOMC Member Bowman Speech
- Tentative, Japan - BOJ Governor Ueda Speech
Paul Rejczak
Stock Trading Strategist