The gold futures gained 0.88% on Friday as it extended its short-term uptrend. Gold price has retraced even more of its month-long decline from April's high. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Friday's high fell at $1,756.30. Today, gold is trading along Friday's highs, however we can see some short-term profit-taking action amid rallying stock markets.

Gold is 0.1% down today, as it trades within a short-term consolidation. Global financial markets are getting back to their local highs this morning. And gold has been acting as a safe-haven asset last week. What about the other precious metals?: Silver gained 5.66% on Friday and today it is 1.8% higher. Platinum gained 5.43% and today it is up 1.8%. Palladium gained 3.32% and today it is gaining 4.7%. However, precious metals prices are off their intraday highs right now.

The recent economic data releases have been confirming coronavirus damage to the U.S. economy. Last Friday's U.S. Retail Sales number came much worse than expected at -16.4%. Today we won't get any important economic data. Investors will await Tuesday's Fed Chair Powell Testimony. Take a look at our today's Market News Report to find out about this week's economic data announements.

Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care