The gold
futures contract gained 1.79% on Monday, as it retraced some of the Friday’s big sell-off. On Friday the price collapsed to $1,564.00 level, despite the ongoing
corona virus scare. The recent short-term
volatility marked a topping pattern before that sell-off. Investors were buying
safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But then gold bounced off $1,700 mark and reversed the uptrend. Yesterday the market got back above $1,600, before closing slightly below it.
Gold is gaining 0.9% this morning, as it fluctuates within yesterday’s daily trading range. What about the other precious metals?
Silver lost over 7% on Friday and on Monday it has gained 1.7%. Today it gains additional 0.7%, as it retraces some of the sell-off.
Platinum lost 0.61% on Monday, and right now it is trading 0.8% higher.
Palladium lost 2.55% on Monday after selling off by over 8% on Friday. Right now it is trading 0.2% higher.
Overall, precious metals are are relatively very calm this morning.
The
financial markets went full risk-off last week, as
corona virus fears dominated the news. This week has begun with a continuation of a stock markets’ relief rally. But for now, it looks like a ‘dead-cat-bounce’ upward
correction. Investors will wait for today’s Caixin Services PMI number release from China at 8:45 p.m. That
may show virus impact on Chinese economy. On Friday we will get the important
U.S. monthly jobs data release. Take a look at our
Monday’s Market News Report to find out more!
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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.