The market bounced off its Monday’s new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the low of $1,564 despite an ongoing corona virus scare. However, the gold price retraced all of the decline last week, as virus fears reappeared. Gold broke higher on Monday, but then the market got back lower again. Today it is extending the short-term downtrend.
Gold is 1.0% lower this morning, as it gets closer to $1,600 level. What about the other precious metals? Silver lost 1.06% on Wednesday and today it is trading 2.9% lower. Platinum lost 0.14% yesterday and this morning it is trading 4.7% lower. Palladium lost 3.80% yesterday and today it is trading 8.8% lower, as it accelerates the short-term downtrend.
The financial markets continue selling off this morning amid corona virus fears and crashing oil prices following failed Friday’s OPEC Meeting. Last week’s scheduled economic data releases haven’t moved markets by much. What about the coming week? Today we will wait for Producer Price Index and the ECB monetary policy releases. Take a look at our Monday’s Market News Report to find out more!
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