Daily Gold News: Gold’s Short-term Consolidation

The gold futures contract lost 0.06% on Thursday, as it fluctuated following Wednesday’s decline of almost 2%. Last week the market has reached a new low after breaking below local lows along the price level of $1,850. Four weeks ago gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The market bounced off its mid-November local highs on Wednesday, as we can see on the daily chart (the chart includes today’s intraday data ):

Gold is 0.2% lower this morning, as it is trading along the recent closing prices. What about the other precious metals? Silver gained 0.43% on Thursday and today it is 0.7% lower. Platinum gained 0.9% and today it is 1.6% lower. Palladium gained 1.95% yesterday and today it’s 0.1% lower. So precious metals are lower this morning .

Yesterday’s U.S. Consumer Price Index release has been slightly higher than expected at +0.2%. Today we will get the U.S. Producer Price Index , among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, December 11

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• All Day, Eurozone – Euro Summit

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.

* * * * *

Disclaimer

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.

********