The gold futures contract gained 0.39% on Monday, as it extended its short-term uptrend again. The market has retraced more of last week's Tuesday's decline following bouncing off $1,550 support level. Overall, gold continues to trade within a month-long consolidation after the early January rally over $1,600 mark.
The price of gold is down 0.2% this morning, as investors await the Fed's Jerome Powell Testimony at 10:00 a.m., among other factors. The market has retrtaced some of yesterday's advance. What about the other precious metals? Silver gained 0.53% on Monday, as it extended its short-term consolidation after bouncing from $17.50 support level. It is currently 0.3% lower. Platinum lost 0.2% on Monday, and right now it is up 0.4%. Palladium gained 1.87% yesterday, as it retraced some of last week's Thursday's sell-off. However, it is down 1.1% this morning.
The financial markets will be waiting for the mentioned Jerome Powell's Testimony at 10:00 a.m. We highlighted it as the important economic event of this week in our yesterday's Market News Report. There will also be a speech from the ECB President Lagarde at 9:00 a.m.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
