We've had an increase in gold futures price on Friday, as it gained 0.6%. The yellow metal is at its recent local highs of around $1,560. It still looks like a consolidation following January 8 run-up above $1,600 mark that ended with a sharp downturn. On Tuesday the market has rebounded off a local low of $1,536.40.
The gold price is close to week-long highs despite the overall short-term risk-on action on the financial markets following Wednesday's U.S. and China Phase One trade deal signing. What about the other precious metals? The silver basically follows gold, as it trades along $18 mark. The price of platinum has stabilised following Thursday's breakout above $1,000. But palladium has reached yet another new record high on Friday. The futures contract reached almost $2,300, before reversing lower and closing at $2,224.90. Still gaining 2.2%. So volatility is enormous there.
Right now, the price of gold gains 0.2%, silver and platinum are flat. But palladium gains additional 4%.
Today, the markets are quiet because of the Martin Luther King Jr. Day in the U.S. However, in the evening we will get the important Bank of Japan's Monetary Policy Statement.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
