The yellow metal has retraced all of the recent sell-off, as it got back close to March 9 medium-term high of $1,704.30. Today gold is trading within a short-term consolidation.
Gold is up 1.3% this morning, as it continues to fluctuate following the mentioned Monday’s-Tuesday’s rally. What about the other precious metals? Silver gained 4.32% on Wednesday and today it is up 0.2%. Platinum has rallied by another 6.24% yesterday and today it is 2.0% lower. Palladium rallied by 25.78% on Wednesday and today it is down 4.6%. So precious metals’ short-term volatility is enormous.
The financial markets continue reacting to the mentioned Sunday’s Fed announcement. The stock market has basically crashed along with precious metals prices a week ago. Stocks continue retracing some of their decline this week and gold is back at medium-term high. The scheduled economic data releases have been less important than the mentioned virus crisis developments recently.
However, Tuesday’s U.S. Flash Services PMI number release came in much worse than expected. And today, the weekly Unemployment Claims number has surpassed 3 million! Take a look at our Monday’s Market News Report to find out about this week’s economic news releases!
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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.