Gold: Down 0.6% – Retracing more of the recent advances

Paul Rejczak Gold Price Forecast

The gold futures lost 0.56% on Friday, as it retraced some of the recent rally. The market has bounced off its mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal. But gold began acting as a safe haven asset again. It rallied last week and got closer to the mentioned medium-term high.

Gold is down 0.6% this morning, as it retraces more of the recent advances. What about the other precious metals? Silver has lost 0.6% on Friday and today it unchanged. Platinum lost 1.80% on Friday and today it is down 0.5%. Palladium lost 0.8% on Friday and today it is gaining 1.6%. So precious metals extend their short-term consolidation on Monday.

The recent economic data releases have revealed more coronavirus damage to the economy. Today there will be no new important data releases. However in the coming days we will get series of news announcements including Wednesday’s FOMC Rate Decision and Monetary Policy update. Please take a look at our today's Market News Report to find out about the coming economic data releases.

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Author

Paul Rejczak

Gold Price Forecast

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

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