Daily Gold Analysis
|The gold futures contract gained 1.09% on Thursday, as it kept fluctuating after Monday's – Tuesday's rally. The market reacted to Sunday's Fed unlimited Quantitative Easing announcement. Yellow metal has retraced all of the previous sell-off, as it got back close to March 9 medium-term high of $1,704.30. Since then, gold trades within a relatively volatile short-term consolidation.
Gold is down 0.2% this morning, as it continues to fluctuate following the mentioned Monday's- Tuesday's rally. What about the other precious metals? Silver lost 1.32% yesterday and today it is trading 1.3% lower. Platinum has lost 1.13% on Thursday and today it is 0.7% up. Palladium rallied by 25.78% on Wednesday and yesterday it lost just 0.96%. This morning it is unchanged. So precious metals' prices are fluctuating after their recent rallies.
The financial markets went risk-on following the mentioned Sunday's Fed announcement. The stock market has retraced some of its recent sell-off. But today, bearish sentiment is prevailing again. The scheduled economic data releases have been less important than the mentioned virus crisis developments recently. However, yesterday's record-breaking weekly Unemployment Claims number has been quite shocking. The next set of data releases may reveal more coronavirus damage to the economy.
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