The gold
futures contract lost 1.90% on Friday, as it retraced more of its recent advances. The market broke above the short-term consolidation and it reached new medium-term high last week. On Tuesday it was the highest since November of 2012. The high was at $1,788.80. Mounting
pandemic fears were supporting the demand side and gold was acting as a
safe haven asset. But since last Tuesday we’ve seen some profit-taking action and a potential downward reversal.
Gold is unchanged this morning, as it trades along Friday’s daily low. What about the other precious metals?
Silver lost 2.09% on Friday, as it continued to trade within a short-term consolidation. Today it is 0.3% higher.
Platinum lost 1.00% on Friday and today it is 0.1% higher.
Palladium gained 0.48% last Friday and today it is trading 1.4% higher.
Last week’s economic data releases have revealed more
coronavirus damage to the economy. Thursday’s Unemlpoyment Claims number has surpassed 5 million. There will be no new important economic news releases today. However, please take a look at our
today's Market News Report to find out about the coming economic data releases.
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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.