On Friday the gold futures contract gained 0.14%, as it extended its short-term consolidation after the recent decline below $1,800 price level. Earlier this month it broke below the previous local low following strengthening U.S. dollar and rallying stock market, among other factors.
The market gave back all of December’s advance. Gold is getting close to $1,800 level again, as we can see on the daily chart. Gold is 0.7% higher this morning, as it is retracing some of last week’s decline. What about the other precious metals? Silver is 0.4% higher, platinum is 0.3% lower and palladium is virtually unchanged today.
So precious metals are higher this morning. Friday’s U.S. Flash Manufacturing PMI, Flash Services PMI releases have been slightly better than expected. Today we will get the CB Leading Index release at 10:00 a.m. and some Fed-talk at 3:30 p.m. The markets will be waiting for this week’s Fed Chair Powell ’s testimony.