With Mixed Economic Data, Gold Continues Sideways
Sunshine Profits | Jun 19, 2020 12:39PM ET
The gold futures contract lost 0.26% on Thursday, as it further extended its short-term consolidation slightly below the price level of $1,750. Powell’s testimonies on Wednesday and Thursday didn’t bring any new surprises for the financial markets. And gold is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is trading 0.8% higher this morning, as it gets back to yesterday’s daily high.
What about the other precious metals?
Silver lost 1.50% yesterday. Today, it is 1.8% higher.
Platinum lost 3.10%. Today, it gains 2.3%.
Palladium lost 0.88% on Thursday . Today, it is trading 0.4% higher. So precious metals extend their short-term consolidation today.
Thursday’s Philly Fed Manufacturing Index has been much better-than-expected at 27.5 versus its previous reading of -43.1. But unemployment claims number cam at 1.5 million again versus expectations of 1.3 million. So overall, yesterday’s economic data releases have been mixed.
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