The gold futures contract fluctuated on Wednesday, as it gained 0.04%. The market is going sideways following its recent rally. Gold price has reached new medium-term high of $1,742.60 on Tuesday, as it was the highest since November of 2012 following breaking above $1,700 mark. However, it got back below $1,700 and yellow metal’s price remained close to previous local highs. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset.
Gold is 0.9% higher this morning, as it continues to fluctuate following Monday’s-Tuesday’s rallies. What about the other precious metals? Silver lost 1.78% yesterday and today it gains 1.3%. Platinum gained 1.53% yesterday and today it is up 0.6%. Palladium gained 0.04% on Wednesday and today it is 0.3% lower. So, precious metals trade within a short-term consolidation.
Last week’s Friday’s U.S. Nonfarm Payrolls along with the Unemployment Rate releases have been worse than expected. However, it wasn’t that surprising after the recent Unemployment Claims numbers. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy.
Today we’ll have the new employment data from the U.S. and Canada at 8:30 a.m. We will also get the Producer Price Index at 8:30 a.m. Then at 10:00 the Preliminary UoM Consumer Sentiment will be released. Also, don’t miss the Fed Chair Powell speech at 10:00 a.m.! Take a look at our Monday's Market News Report to find out about this week’s economic news releases.
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.
Recommended Content
Editors’ Picks
AUD/USD holds gains near 0.6250 but upside appears limited
AUD/USD remains on the front-foot near 0.6250 following the previous day's good two-way price swings amid confusion over Trump's tariff plans. The Aussie, meanwhile, remain close to over a two-year low touched last week in the wake of the RBA's dovish shift, China's economic woes and US-China trade war fears.
USD/JPY: Bulls retain control above 158.00, Japanese intervention risks loom
USD/JPY is off multi-month top but stays firm above 158.00 in the Asian session on Tuesday. Doubts over the timing when the BoJ will hike rates again and a broad-based US Dollar rebound, following Monday's Trump tariffs speculation-led sell-off, keep the pair supported ahead of US jobs data.
Gold traders appear non-committal ahead of US jobs data
Gold price is battling the short-term critical barrier at around $2,635 early Tuesday, consolidating the two-day corrective decline from three-week highs of $2,665. Gold traders refrain from placing fresh directional bets ahead of the top-tier US ISM Services PMI and JOLTS Job Openings data.
Ripple's XRP eyes rally to new all-time high after 40% spike in open interest
Ripple's XRP trades near $2.40, up 1% on Monday following a 40% surge in its futures open interest. The surge could help the remittance-based token overcome the key resistance of a bullish pennant pattern.
Five fundamentals for the week: Nonfarm Payrolls to keep traders on edge in first full week of 2025 Premium
Did the US economy enjoy a strong finish to 2024? That is the question in the first full week of trading in 2025. The all-important NFP stand out, but a look at the Federal Reserve and the Chinese economy is also of interest.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.