The gold
futures contract lost 0.08% on Friday, as it fluctuated following the Thursday’s post-
FOMC Statement release advance of 1.20%. The market went sideways despite the intensifying China virus crisis on Friday. However, it reached the new local high of $1,595.50 before giving back gains. The market remained below the
resistance level of $1,600-1,615, marked by January 8 medium-term high of $1,613.30.
Gold is currently down 0.6%, as the virus crisis fears ease a bit this morning. What about the other precious metals?
Silver gained 0.1% on Friday following Thursday’s rally of around 3%. And now it is declining by 1.25%.
Platinum lost 1.9% on Friday and it is currently 0.2% lower. The market goes further off the $1,000 mark following mid-January downward reversal.
Palladium gained 0.4% on Friday, but it continues to trade within a short-term consolidation after reversing its recent uptrend on January 23. It is 0.3% down.
The financial markets are still looking at the China virus crisis developments. However, the sentiment has slightly improved since Friday’s intensification. Overall, precious metals take a little breather today, as
volatility is dropping. The markets will wait for today’s
ISM Manufacturing PMI release at 10:00 p.m. It is supposed to be the most important economic data market mover today. But we will also get Google’s quarterly earnings release today after the stock market’s close. And last week’s better-than-expected Amazon’s release
has managed to push the price of gold lower in the short-term. Investors will surely wait for this week’s Friday’s
Nonfarm Payrolls release. Where would the price of gold go following the NFP news? Take a look at our
today’s Market News Report to find some clue.
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Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
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Disclaimer
All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.