Daily Gold News: Gold Lower After Another Vaccine News

The gold futures contract gained 0.69% on Friday, as it 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 0.9% higher this morning, as it is retracing Friday’s advance. The markets are reacting to another Coronaviurs vaccine news release. What about the other precious metals? Silver gained 1.93% on Friday and today it is 1.4% lower. Platinum gained 1.36% and today it is 0.1% lower. Palladium lost 0.52% on Friday and today it’s 1.1% higher. So precious metals are generally lower this morning .

Friday’s Producer Price Index release has been slightly higher than expected at +0.3%. And the Consumer Sentiment number has been worse than expected at 77.0. Today we will get the Empire State Manufacturing Index release at 8:30 a.m. We will also get some Central Banks’ talk today.

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

Monday, November 16

• 8:00 a.m. Eurozone – ECB President Lagarde Speech
• 8:30 a.m. U.S. – Empire State Manufacturing Index
• 2:00 p.m. U.S. – FOMC Member Clarida Speech

Tuesday, November 17

• 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , Import Prices m/m
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
• 5:00 p.m. Australia – RBA Governor Lowe Speech
• All Day – OPEC-JMMC Meetings

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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