May 22, 2020 (Investorideas.com Newswire) The gold futures contract lost 1.72% on Thursday as it extended a downward correction from Monday's new monthly high of $1,775.80. The market reached its daily low at $1,715.30 yesterday. On Monday it had retraced almost all of the decline from April 14 high of $1,788.80, before it reversed lower. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart:
Gold is 0.3% higher today, as it fluctuates following yesterday's relatively large decline. What about the other precious metals?: Silver lost 3.70% on Thursday and today it is unchanged. Platinum lost 7.28% and today it is 1.1% higher. Palladium lost 4.50% and today it is down 2.5%. So precious metals have been retracing their recent advances.
Yesterday's economic data releases didn't bring much surprises. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. And Flash Manufacturing and Services PMI's have been as expected. But the markets are used to bad economic numbers, as stocks remain relatively close to their medium-term local highs following rebounding from the late March lows.
There won't be any important Gold, Silver, and Mining Stocks economic news scheduled for today. Financial markets will likely extend their intraday consolidation ahead of the Bank Holiday on Monday (Memorial Day).
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