The gold
futures lost 0.09% on Wednesday, as it fluctuated following Tuesday’s post-Fed’s rate cut rally. On Friday the price collapsed to $1,564 level despite an ongoing
corona virus scare. The recent short-term
volatility marked a topping pattern before that sell-off. However, gold retraced its whole decline and yesterday it has been trading along short-term local highs, marked by $1,650 level.
Gold is gaining 0.7% this morning, as it continues to fluctuate along short-term local highs. What about the other precious metals?
Silver gained 0.34% on Wednesday. Today it is unchanged.
Platinum gained 0.68% on Wednesday. It continues to trade within a short-term consolidation following Friday’s sell-off. This morning it is down 1.3%.
Palladium lost 0.1% yesterday and today in the morning it is trading 1.8% lower.
The
financial markets went full risk-off last week, as
corona virus fears dominated the news. Then we saw a quick Friday’s-Monday’s relief rally. Tuesday’s Fed’s rate cut decision led to more short-term volatility, as stock sold off on Tuesday and then rallied on Wednesday. Yesterday we got the
ADP Non-Farm Employment Change and the
ISM Non-Manufacturing PMI numbers releases. They both have been better than expected and the
stock market has rallied by over 4%. 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.