The gold futures contract gained 1.24% on Wednesday, as the market retraced most of its Tuesday’s decline. It bounced off a $1,700 support level again. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday a week ago. But yesterday’s price action was quite bullish and today it goes higher. But gold extends an over month-long consolidation, as we can see on the daily chart:
Gold is 0.7% higher today, as it is extending a short-term uptrend. Financial markets remain in risk-on mode, as stocks reach new medium-term highs. What about the other precious metals?
Silver gained 0.92% on Wednesday. Today, it is 0.4% higher.
Platinum gained 0.55% yesterday. Today, it is trading 0.5% lower.
Palladium lost 0.54% yesterday. Today, it is 0.6% lower again.
The recent economic data releases have been confirming negative coronavirus impact on global economies. Today’s U.S. GDP number release came out at -5.0% and Durable Goods Orders fell by 17.2%. The Unemployment Claims remained steady at more than 2 million.