The gold futures contract gained 0.52% on Tuesday as it continued to fluctuate within a short-term consolidation. The market remains close to the price level of $1,700. Gold is still trading within a flat correction after its April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential medium-term downward reversal.
The price of gold is basically going sideways along $1,700 mark since early to mid April and it’s trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is gaining 0.6% this morning, as it continues to trade above $1,700 mark. Global financial markets remain in a risk-on mode, as stocks are hovering close to their medium-term local highs. What about the other precious metals?: Silver gained 0.17% yesterday and today it is 0.9% higher. Platinum lost 0.50% and today it is up 0.9%. Palladium gained 0.4% and today it is 0.7% lower.
Last Friday’s Nonfarm Payrolls and the Unemployment Rate release has confirmed coronavirus damage to the U.S. economy. Today’s Producer Price Index came at -1.3% vs. expectations of -0.2%. The negative number was caused by the recent oil prices crash. We will now await Fed Chair Powell’s speech at 9:00 a.m. and Friday’s Retail Sales number release, among others. Take a look at our Monday’s Market News Report to find out about this week’s economic data announements.
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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.