Better Than Expected Numbers From The Manufacturing Purchasing Managers Index

GOLD

This week will be a short trading week, with the financial markets being closed on Thursday (Thanksgiving) and brief trading on Friday. Today, the U.S. Manufacturing Purchasing Managers Index for November was released, and it rose to a reading of 65.7, up from October’s reading of 53.4. The data was significantly better than expected as economists were expecting to see a reading of 52.5. That report caused the U.S. Dollar Index to rally, and with no indication of any stimulus bill, Gold sold-off, dropping below the key $1,850 level to $1,830. At 11 am PT today, Gold is trading at $1,840 per ounce, down $25 on strong volume.

SILVER

Silver sold off with Gold this morning, reaching a low of $23.40 before seeing some bargain buying. Investors need to remember that Silver started 2020 at $17.90 per ounce and as it makes its way above the $30 target we are going to see rallies and selloffs. At 11 am PT today, Silver is down $0.45 per ounce, trading at $23.60 on heavy volume.