The gold futures contract gained 0.22% on Friday, as it slightly extended its short-term uptrend. The market has retraced some more of Tuesday's decline following bouncing off $1,550 support level on Wednesday. Overall, gold continues to trade within a month-long consolidation following the early January rally over $1,600 mark.
This morning, gold is 0.1% higher, as it basically continues going sideways. What about the other precious metals? Silver lost 0.71% on Friday, as it remained within a short-term consolidation after bouncing of $17.50 support level. It is currently 0.5% higher. Platinum gained 0.2% on Friday, and right now it is up 0.5%. Palladium lost 1.21% on Friday, as it extended its short-term sell-off after reaching close to the record high again. But it is 2.80% higher this morning.
The financial markets are still looking at China virus crisis developments. But the sentiment improved following last week's record-breaking U.S. stock market's rally. There will be no new important economic data releases today. However, the markets will await some FOMC Members speeches.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
