The gold futures contract gained 0.20% on Monday after breaking above $1,700 level. Monday's daily high was at $1,704.30, but closing price was $1,675.70. Recently the gold price collapsed to the low of $1,564 despite an ongoing corona virus scare. However, the market has retraced all of the decline last week, as virus fears have reappeared. Gold broke higher yesterday, but then the market has managed to retrace all of its intraday advance.
Gold is 1.4% lower this morning, as it retraces some more of yesterday's advance. What about the other precious metals? Silver lost 1.21% on Monday and today it is trading 0.5% lower. Platinum lost 3.75% yesterday. It has retraced Friday's rally. This morning it is gaining 0.4%. Palladium lost 1.37% on Monday and today it is trading 1.2% lower.
The financial markets were selling off on Monday amid corona virus fears, crashing oil prices following failed Friday's OPEC Meeting. Last week's scheduled economic data releases haven't moved markets by much. What about the coming week? We will have the U.S. inflation data releases on Wednesday and Thursday, and the ECB monetary policy release on Thursday. Take a look at our Monday's Market News Report to find out more!
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
