🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Gold Moves Higher, Silver Follows

Published 04/16/2020, 09:44 AM
XAU/USD
-
XAG/USD
-
GC
-
SI
-
PL
-

The gold futures contract lost 1.62% on Wednesday, as it retraced some of its recent advance. The market broke above the short-term consolidation and it reached new medium-term high last week. On Tuesday it was the highest since November of 2012. The high was at $1,788.80.Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset.

Gold Daily Chart

Gold is 0.9% higher this morning, as it approaches the medium-term high again. What about the other precious metals? Silver lost 3.87% yesterday, as it extended its short-term consolidation. Today it is up 0.9%. Platinum lost 1.84% on Wednesday and today it trades 1.7% higher. 

Yesterday’s U.S. Retail Sales number release has been worse than expected. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy.

Today investors are receive and rush of data today including Unemployment ClaimsHousing Starts, Building Permits and the Philly Fed Manufacturing Index. Take a look at our Monday's Market News Report to find out about this week’s economic news releases.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.