Gold Lower After Positive U.S. Data
Sunshine Profits | Jun 03, 2020 01:57PM ET
The gold futures contract lost 0.93% on Tuesday, as it retraced most of Friday’s advance of 1.35%. On Monday, the price has reached slightly above $1,760. Yesterday’s daily low was at $1,728 and today it’s getting close to $1,700. Gold is still trading within its medium-term consolidation, as we can see on the daily chart:
Gold is 1.1% lower today following better-than-expected U.S. economic data releases.
Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals?
Silver lost 3.01% on Tuesday. Today, it is 2.2% lower.
Platinum lost 3.60% on Tuesday. Today, it is 2.1% lower.
Palladium lost 0.29% yesterday. Today, it is 0.3% higher. So precious metals are trading lower this morning.
The recent economic data releases have been confirming negative coronavirus impact on global economies. Today’s ADP Nonfarm Employment Change has been better than expected. However, it was at -2.8 million.
Markets’ attention will be focusing on Friday’s monthly jobs data release. And tomorrow we will get some quite important European Central Bank’s releases.
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