The gold futures contract gained 0.73% on Monday, as it retraced some more of its recent decline. On Friday the price bounced off $1,675 level. Gold continues to trade within a relatively flat correction following April's advance. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we've seen some profit-taking action and a potential downward reversal.
Gold is basically going sideways since early to mid April. It is trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is trading 0.1% lower today. What about the other precious metals? Silver lost 0.95% on Monday and today it is trading 0.8% higher. Platinum gained 0.59% yesterday and today it is 0.7% higher. Palladium lost 2.78% on Monday and today it is down 0.5%. Precious metals continue to trade within a short-term consolidation.
The recent economic data releases have revealed more coronavirus damage to the economy. Today we will get the important ISM Non-Manufacturing PMI release at 10:00 a.m. But investors will await Friday's U.S. monthly jobs data release. Take a look at our Monday's Market News Report to find out about this week's economic data releases.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
