The gold futures lost 0.48% on Tuesday, as it retraced its Monday’s advance. The financial markets reacted to better-than-expected U.S. economic data releases (Durable Goods Orders, CB Consumer Confidence) and China virus fears somewhat eased yesterday. On last week’s Wednesday gold has bounced off $1,550 level, and since then it gained almost 2.5%. The market trades within a short-term uptrend as it is still retracing some of its move lower from the January 8 medium-term high.
The gold price is currently 0.3% higher, as it retraces some of yesterday’s decline. Overall, it remains within a consolidation following the recent advances. What about the other precious metals? The silver sold off yesterday, as it fell 3.31% and it got further away from the $18 mark. Silver is currently 0.3% higher. The platinum remained slightly below $1,000 mark yesterday, as it gained 0.33%. On the other hand, palladium gained 2.73%. However, that metal has retraced just some of its recent sell-off from new record highs.
The financial markets are focusing less on the mentioned China virus crisis and much more on today’s FOMC Monetary Policy Statement release at 2:00 p.m. There will likely be a big increase in volatility on the financial markets. Where would the price of gold go following the FOMC news?
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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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