The gold futures contract lost 0.08% on Wednesday, as it continued to trade within a short-term consolidation following the previous week's Wednesday's record-breaking advance above $1,600 mark that ended with a sharp intraday downturn. The market got close to the $1,570 level on Tuesday, before getting back below the resistance level of $1,560. Yesterday, it has bounced off a $1,550 level.
The gold price is currently 0.3% lower, as it is extending the mentioned two-week long consolidation. What about the other precious metals? The silver was relatively weaker than gold recently, as it failed to break above the last week's Friday's local high. Yesterday it gained 0.1% following Wednesday's decline of 1.5%. The platinum trades 1.0% lower but it remains above $1,000 mark, and the palladium gains 0.5% following the recent record-breaking rally.
Today, the financial markets are closely watching Eurozone's economic news releases including the ECB's Monetary Policy update. The ECB has left its Main Refinancing Rate unchanged at 7:45 a.m. But there will also be a press conference at 8:30 a.m. In addition, we will get the U.S. Initial Claims number at 8:30 a.m. and the Crude Oil Inventories at 11:00 a.m.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
