We’ve had an increase in gold
futures price on Friday, as it gained 0.6%. The yellow metal is at its recent local highs of around $1,560. It still looks like a consolidation following January 8 run-up above $1,600 mark that ended with a sharp downturn. On Tuesday the market has rebounded off a local low of $1,536.40.
The gold price is
close to week-long highs despite the overall short-term risk-on action on the financial markets following Wednesday’s
U.S. and China Phase One trade deal signing. What about the other precious metals? The
silver basically follows gold, as it trades along $18 mark. The price of platinum has stabilised following Thursday’s breakout above $1,000. But palladium has reached
yet another new record high on Friday. The futures contract reached almost $2,300, before reversing lower and closing at $2,224.90. Still gaining 2.2%. So
volatility is enormous there.
Right now, the price of gold gains 0.2%, silver and platinum are flat. But palladium gains additional 4%.
Today, the markets are quiet because of the Martin Luther King Jr. Day in the U.S. However, in the evening we will get the important
Bank of Japan’s Monetary Policy Statement.
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Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
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