The gold futures contract gained 0.69% on Friday, as it extended its short-term consolidation following last week’s Monday’s 5% sell-off. Gold sold off after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The yellow metal has retraced all of its previous advance. It came back down to $1,850 price level , as we can see on the daily chart (the chart includes today’s intraday data):
Gold is 0.9% higher this morning, as it is retracing Friday’s advance. The markets are reacting to another Coronaviurs vaccine news release. What about the other precious metals? Silver gained 1.93% on Friday and today it is 1.4% lower. Platinum gained 1.36% and today it is 0.1% lower. Palladium lost 0.52% on Friday and today it’s 1.1% higher. So precious metals are generally lower this morning .
Friday’s Producer Price Index release has been slightly higher than expected at +0.3%. And […]
November 17, 2020 (updated November 17, 2020) Published by StockMan