The gold futures contract fell 0.66% on Thursday, as it further extended its near-term consolidation after last Monday’s 5% sell-off. Gold sold out after the euphoric rally in global financial markets in reaction to Covid-19 Pfizer’s press release on the vaccine. The yellow metal has retraced its entire lead. It fell back to the price level of $ 1,850, as can be seen on the daily chart ( chart includes today’s intraday data ):
Gold is 0.1% lower this morning as it is trading at the bottom of a short term consolidation. What about other precious metals? Silver lost 1.64% on Thursday and today it is 0.4% higher. Platinum gained 0.06% and today it is 0.5% higher. Palladium lost 1.45% yesterday and today it is 0.3% higher. So the precious metals are mixed this morning .
Yesterday’s release of unemployment claims was worse than expected at 742,000. But the Philly Fed manufacturing index was better than expected (26.3). Today we will not receive any important economic data releases.
Below is our calendar of economic news for gold, silver and mining stocks for today:
Friday November 20
- 3:15 a.m. Euro zone – Speech by ECB President Lagarde
- 8:30 a.m. USA – Kaplan speech by FOMC member
- 8:30 a.m. Canada – Retail sales m / m, Core retail sales m / m
For an overview of all of today’s economic events, check out our economic calendar.
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