The gold futures contract gained 0.48% on Friday, as it extended its short-term uptrend. The yellow metal got close to resistance level of $1,600 again, as it reached daily high of $1,588.20. Yesterday, the price of gold went even higher retracing more of its early February downturn, but it is still slightly below February 3 high of $1,598.50.
The recent China virus fears didn't scare risk-on assets' investors, however gold extended its short-term uptrend. This morning it is gaining 0.4%. What about the other precious metals? Silver gained 0.65% on Friday, as it retraced more of the recent decline. It is trading 0.6% higher this morning. Platinum lost 0.61%, and today it is 1.0% higher. Palladium lost 1.46% on Friday, as it bounced off its record highs. This morning it is gaining 0.6%.
The financial markets are digesting today's much worse-than-expected German ZEW Economic Sentiment number release. We also got an overnight profit warning from Apple and stock markets are declining. Investors will also wait for the Empire State Manufacturing Index release at 8:30 a.m. But the most important piece of economic data release this week will be Wednesday's FOMC Meeting Minutes. Take a look at our yesterday's Market News Report to find out more!
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
