The gold futures contract gained 0.46% on Thursday, as it retraced more of the recent decline. The market has bounced off $1,550 support level on Wednesday. The yellow metal was gaining despite stock market's rally following better-than-expected economic data releases. Today we may see an increased volatility on the financial markets after the Nonfarm Payrolls number release at 8:30 a.m.
Gold is currently unchanged vs. its yesterday's closing price. However, it remains the highest since Tuesday's early morning. What about the other precious metals? Silver gained 1.23% yesterday, as it retraced some of Monday's sell-off. But it is 0.6% lower this morning. Platinum lost 2.0% on Thursday, as it retraced Wednesday's advance. It is extending a short-term consolidation after getting back below $1,000 mark. Platinum is 0.8% higher right now. Palladium lost 3.85% on Thursday after getting back to the record high again. So the market remains very volatilie. This morning, it is down by another 1.4%.
The financial markets are still looking at China virus crisis developments. However, the sentiment much improved following the record-breaking U.S. stock market's rally. The markets will wait for the important economic data releases today: Nonfarm Payrolls, Unemployment Rate releases at 8:30 a.m. Where would the price of gold go following the NFP news? Take a look at our Monday's Market News Report to find some clue.
Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!
All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.