The gold futures contract gained 0.09% on Thursday, as it extended its consolidation following bouncing off $1,700 support level on Wednesday. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday almost two weeks ago.
Wednesday’s price action was quite bullish, but gold keeps extending over month-long consolidation, as we can see on the daily chart:
Gold is 0.6% higher today, as it gets back to yesterday’s high. Financial markets remain in risk-on mode, as stocks hover along their new medium-term highs. What about the other precious metals?
Silver gained 1.18% on Thursday. Today, it is 2.6% higher.
Platinum lost 1.14%. Today is trading 0.4% higher.
Palladium lost 1.61% yesterday. Today, it is 1.6% lower again.
The recent economic data releases have been confirming negative coronavirus impact on global economies. Today’s Personal Spending number release came out worse than expected. However, the Personal Income data was better than expected.