Daily Gold News: Wednesday, Nov. 17 – Gold Price Bounces From the $1,850 Level

The gold futures contract lost 0.67% on Tuesday, as it retraced some of its recent advance. The market followed a strength in U.S. dollar, among other factors. Gold price bounced form the new local high of around $1,880. Today the yellow metal is bouncing from the $1,850 level, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.8% higher this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 1.3% higher, platinum is 0.6% higher and palladium is 0.2% higher. So precious metals’ prices are higher this morning.

Yesterday’s Retail Sales number release has been better than expected at +1.7% and the Industrial Production release has also been better than expected at +1.6%. Today we will get the Building Permits/ Housing Starts numbers announcement at 8:30 a.m. and a lot of Fed-talk later in the day.

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

Wednesday, November 17

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
• 9:10 a.m. U.S. – FOMC Member Williams Speech
• 11:00 a.m. U.S. – FOMC Member Bowman Speech
• 12:40 p.m. U.S. – FOMC Member Waller Speech, FOMC Member Daly Speech
• 4:05 p.m. U.S. – FOMC Member Evans Speech
• 4:10 p.m. U.S. – FOMC Member Bostic Speech

Thursday, November 18

• 8:00 a.m. U.S. – FOMC Member Bostic Speech
• 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index
• 9:30 a.m. U.S. – FOMC Member Williams Speech
• 2:00 p.m. U.S. – FOMC Member Evans Speech
• 3:30 p.m. U.S. – FOMC Member Daly Speech

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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