The gold futures contract has gained 2.91% on Thursday. It retraced some of the recent decline, as the price got back above $1,600 mark again. The yellow metal continues to fluctuate following last week’s Monday’s – Tuesday’s rally. On Tuesday, gold was declining following news about Russia’s plan to stop gold purchases and yesterday it went back higher. For now, it looks like a consolidation within an uptrend.
Gold is gaining 0.7% this morning, as it trades along yesterday’s daily high. What about the other precious metals? Silver gained 4.79% on Thursday and today it is 0.7% higher. Platinum gained 1.70% yesterday and today it is down 1.2%. Palladium lost 0.89% yesterday and today it is 2.4% lower. So precious metals continue to fluctuate following early last week’s rally.
Today’s U.S. Nonfarm Payrolls along with the Unemployment Rate releases have been worse than expected. However, it wasn’t that surprising after the recent Unemployment Claims numbers. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy. Investors will also wait for today’s ISM Non-Manufacturing PMI release at 10:00 a.m.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and 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, Przemyslaw Radomski, CFA 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. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA 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. Przemyslaw Radomski, CFA, 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.
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