Gold has retraced all of the previous sell-off

Paul Rejczak Gold Price Forecast

The gold futures contract gained 0.18% on Friday, as it extended a short-term consolidation following Monday’s – Tuesday’s rally. The market reacted to the previous 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 the mentioned short-term consolidation.

Gold is down 0.3% this morning, as it continues to fluctuate following last week’s rally. What about the other precious metals? Silver lost 0.97% on Friday and today it is trading 3% lower. Platinum gained 0.61% on Friday and today it is 2.2% lower. Palladium lost 1.32% on Friday. Today it is 1.6% lower. So precious metals extend their short-term fluctuations following the recent advances.

Investors will wait for the PMI numbers releases from China at 9:00 p.m. today. They will likely show virus crisis’ impact on the economy. Last week’s record-breaking weekly U.S. Unemployment Claims number has been quite shocking. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy. Take a look at our today’s Market News Report to find out about this week’s economic news 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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