Gold Retraces Some Of Its Recent Decline
Sunshine Profits | May 05, 2020 04:41PM ET
The gold futures gained 0.73% on Monday, as it retraced some more of its recent decline. On Friday, the price bounced off $1,675 level. Gold continues to trade within a relatively flat correction following April's advance. On April 14 it was the highest since November of 2012, and the daily high was at $1,788.80. Since then we've seen some profit-taking action and a potential downward reversal.
Gold is basically going sideways since early to mid-April. It is trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is trading 0.1% lower today.
What about the other precious metals?
Silver lost 0.95% on Monday and today it is trading 0.8% higher. Platinum gained 0.59% yesterday and today it is 0.7% higher. Palladium lost 2.78% on Monday and today it is down 0.5%. Precious metals continue to trade within a short-term consolidation.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.