The gold futures gained 0.04% on Wednesday, as it extended its short-term consolidation. So the FOMC Monetary Policy Statement release didn’t bring much volatility. On last week’s Wednesday gold has bounced off $1,550 level, and since then it gained almost 2.5%. This week, the price of gold is drifting lower from Monday’s local high of $1,588.40. The market has retraced some of its move lower from the January 8 medium-term high.

Gold

Gold is currently 0.2% higher, as it continues to trade within a short-term consolidation following the recent advance. What about the other precious metals? Silver gained 0.2% yesterday, so it basically fluctuated following Tuesday’s sell-off. It is currently 1.2% higher, as it retraces some of the mentioned decline. The platinum is 0.2% lower, as it continues to trade below $1,000 mark. The palladium is 0.4% down. That metal has retraced just some of its recent sell-off from new record highs.

The financial markets are watching the China virus crisis developments again. The stock market sentiment has worsened, but gold doesn’t react on it. Investors will wait for today’s U.S. Advance GDP number release at 8:30. Will it be a game-changer? Probably not, because the profit-taking action following quarterly earnings releases shows that bullish news may be already priced in.

 


 

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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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