The gained 0.73% on Monday, as it retraced some more of its recent decline. On Friday, the price bounced off $1,675 level. Gold continues to trade within a relatively flat correction following April’s advance. On April 14 it was the highest since November of 2012, and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal.
Gold is basically going sideways since early to mid-April. It is trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is trading 0.1% lower today.
What about the other precious metals?
lost 0.95% on Monday and today it is trading 0.8% higher. gained 0.59% yesterday and today it is 0.7% higher. lost 2.78% on Monday and today it is down 0.5%. Precious metals continue to trade within a short-term consolidation.