The gold futures contract lost 0.69% on Friday as it continued to fluctuate along $1,700 price level. Gold is still trading within a flat correction following April's advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we've seen some profit-taking action and a potential downward reversal.
The price of gold is basically going sideways along $1,700 mark since early to mid April and it's trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
The price of gold is gaining 0.2% this morning, as it is further extending the short-term consolidation. Global financial markets remain in a risk-on mode, as stocks hover along their medium-term local highs. What about the other precious metals?: Silver gained 1.21% on Friday and today it is trading 0.6% higher. Platinum gained 0.92% and today it is down 0.9%. Palladium lost 0.80% and today it is down 1.5%.
Friday's Nonfarm Payrolls and the Unemployment Rate release has confirmed coronavirus damage to the U.S. economy. We will now await Wednesday's Fed Chair Powell speech and Friday's Retail Sales number release, among others. Take a look at our today's Market News Report to find out about this week's economic data announements.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
