Gold price somewhat stabilised
The gold price has recently stabilised above USD 1,450. However, precious metal prices are still in a consolidation mode. The troy ounce of gold cost 1,458 US dollars at 10:30 a.m. on Tuesday morning. This was equivalent to 1,323 euros. Silver was traded on the spot market at 16.92 US dollars (15.36 euros). What are the potential price moving dates this week?
In the U.S., we are seeing shorter trading hours this week. The Thanksgiving weekend is coming up. On Thursday the US markets closed completely. On Friday (“Black Friday”) we only trade until 19 o’clock (CET). Please also note our current shop promotion (20% discount on all guides). But before the Americans plunge into the extended weekend, there is still an expiration date on the COMEX on Tuesday. The gold and silver futures (November contracts) will be traded for the last time. This means that after the opening of the US commodity futures exchange (at 14:20 CET), there could possibly be another movement in the precious metal prices.
Some significant U.S. economic data was released on Wednesday afternoon. At 2:30 p.m. each day, figures on private consumption and private income, orders for durable goods and the third estimate of US gross domestic product for the third quarter are released. Later in the day, the Chicago Purchasing Managers Index and the pending house sales in October will follow. The first estimate of the German inflation rate in November will then be published on Friday.
From the chart’s technical point of view, the gold price is still in the downward trend it has been following since the beginning of September. The support at 1,450 US dollars is of great short-term importance. Looking at the gold exchange rate in the European common currency, the 1,318 Euro mark is significant to the south. A marked interim low occurred here most recently on 11 November.