The gold futures contract lost 0.74% on Wednesday, as it fluctuated following the U.S. Presidential Election uncertainty. Gold continues to trade within a consolidation after September’s decline from August 7 record high at $2,089.20 to local low of around $1,850. Recently the yellow metal has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 0.9% higher this morning, as it retraces yesterday’s decline following weakening U.S. dollar. What about the other precious metals? Silver lost 1.81% on Wednesday and today it is 2.8% higher. Platinum lost 0.56% and today it is 1.5% higher. Palladium gained 0.43% yesterday and today it’s 3.2% higher. So precious metals are advancing this morning .
Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at only +365,000. The ISM Services PMI number […]
November 6, 2020 (updated November 6, 2020) Published by StockMan