The gold futures contract gained 0.46% on Thursday, as it retraced more of the recent decline. The market has bounced off $1,550 support level on Wednesday. The yellow metal was gaining despite stock market's rally following better-than-expected economic data releases. Today we may see an increased volatility on the financial markets after the Nonfarm Payrolls number release at 8:30 a.m.
Gold is currently unchanged vs. its yesterday's closing price. However, it remains the highest since Tuesday's early morning. What about the other precious metals? Silver gained 1.23% yesterday, as it retraced some of Monday's sell-off. But it is 0.6% lower this morning. Platinum lost 2.0% on Thursday, as it retraced Wednesday's advance. It is extending a short-term consolidation after getting back below $1,000 mark. Platinum is 0.8% higher right now. Palladium lost 3.85% on Thursday after getting back to the record high again. So the market remains very volatilie. This morning, it is down by another 1.4%.
The financial markets are still looking at China virus crisis developments. However, the sentiment much improved following the record-breaking U.S. stock market's rally. The markets will wait for the important economic data releases today: Nonfarm Payrolls, Unemployment Rate releases at 8:30 a.m. Where would the price of gold go following the NFP news? Take a look at our Monday's Market News Report to find some clue.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
