The gold futures contract gained 0.46% on Thursday, as the yellow metal retraced its Wednesday's-Thursday's decline. The market is extending a month-long consolidation following January 8 run-up to new medium-term high of $1,613.30. It got back to the Tuesday's local high, bu it is still below February 3 high of $1,598.50.
The recent China virus fears and news about virus case count revision didn't scare risk-on assets' investors, but gold remained close to short-term local highs. It is currently unchanged. The market trades along its Thursday's daily high. What about the other precious metals? Silver gained 0.70% on Thursday, as it retraced some of the recent decline. It is trading 0.4% higher this morning. Platinum gained 0.77%, and today it is 0.5% higher. Palladium gained 1.23% yesterday, as it got closer to the record highs again. This morning it is gaining additional 0.7%.
The financial markets will be waiting for the U.S. Retail Sales number release at 8:30 a.m. It will be one of the most important economic data announcements this week. And we highlighted it in our Monday's Market News Report. There will also be the Industrial Production along with Capacity Utilization Rate release at 9:15 a.m., and the Preliminary Michigan Consumer Sentiment number at 10:00 a.m.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
