The gold futures contract gained 0.37% on Wednesday as it continued to fluctuate after reaching new monthly high of $1,775.80 on Monday. It has retraced almost all of its downward correction from April 14 high of $1,788.80. The market is extending over month-long consolidation, as we can see on the daily chart:
Gold is 0.5% lower today and it remains close to yesterday’s daily low.
What about the other precious metals?:
Silver gained 0.73% on Wednesday and today it is 1.3% lower.
Platinum gained 5.05% and today it is 1.8% lower.
Palladium gained 4.08% and today it is declining by 1.86.
So precious metals are trading within a short-term correction this morning.
Today’s economic data releases have been as expected so far. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. But the markets are used to bad economic numbers. The most important piece of economic data today is the Flash Manufacturing and Services PMIs. Fed Chair Jerome Powell also speak.