The gold futures contract slightly extended its uptrend on Tuesday, as it gained 0.43%. The market broke above the short-term consolidation and it reached new medium-term highs recently. Yesterday it was the highest since November of 2012. The daily high was at $1,788.80. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset.
Gold is 0.5% lower this morning, as it is retracing some of the recent advance. What about the other precious metals? Silver gained 3.82% yesterday and today it is down 1.7%. Platinum gained 9.32% on Tuesday and this morning it trades 0.9% lower. Palladium gained 0.68% on Tuesday and today it is 1.9% lower.
Today's U.S. Retail Sales number release has been worse than expected and the markets are going risk-off this morning. We may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy. Investors will wait for tomorrow's weekly Unemployment Claims release. Take a look at our Monday's Market News Report to find out about this week's economic news releases.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
