Daily Gold News: Gold Extending Sell-off Below $1,800

The gold futures contract lost 0.96% on Friday, as it extended its short-term downtrend following breaking below the recent local lows along the price level of $1,850. Three 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. Last week 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 0.8% lower this morning, as it is further extending the downtrend. What about the other precious metals? Silver lost 3.09% on Friday and today it is 2.5% lower. Platinum lost 0.52% and today it is 0.2% lower. Palladium gained 3.17% on Friday and today it’s 0.7% lower. So precious metals are lower again this morning.

Today we will get Chicago PMI and Pending Home Sales releases. But the markets will now wait for Tuesday’s-Wednesday’s Fed Chair Powell testimony and Friday’s monthly jobs data release .

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

Monday, November 30

• 5:00 a.m. Eurozone – ECB President Lagarde Speech
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Pending Home Sales m/m
• 10:30 p.m. Australia – Cash Rate, RBA Rate Statement
• All Day – OPEC Meetings

Tuesday, December 1

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI , Fed Chair Powell Testimony , Construction Spending m/m, ISM Manufacturing Prices
• 7:00 p.m. Australia – RBA Governor Lowe Speech
• 7:30 p.m. Australia – GDP q/q
• All Day, Eurozone – ECOFIN 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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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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