The gold futures contract gained 0.47% on Wednesday, as it retraced some of Tuesday's sell-off after bouncing off $1,550 support level. The yellow metal was gaining despite stock market's rally following better-than-expected economic data releases. The sentiment towards risk-on assets much improved, as corona virus fears eased a bit.
Gold is currently gaining 0.6%, as it is retracing more of the mentioned Tuesday's decline. It is the highest since Tuesday's early morning. What about the other precious metals? Silver gained 0.23% yesterday, as it continued to fluctuate following Monday's sell-off. It is gaining 1.0% this morning. Platinum gained 2.2% on Wednesday, but it remained within a short-term consolidation following recent declines. It is down 0.7% at this moment. Palladium lost 0.4% yesterday, after getting back to $2,400 mark. The market fell by over 4% from its intraday high. This morning, it is down another 1.3%.
The financial markets are still looking at China virus crisis developments. However, the sentiment much improved following the record-breaking U.S. stock market's rally. The markets will wait for today's economic data releases: Preliminary Nonfarm Productivity, Preliminary Unit Labor Costs, Unemployment Claims. Investors will surely await tomorrow's Nonfarm Payrolls release. Where would the price of gold go following the NFP news? Take a look at our Monday's Market News Report to find some clue.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
