The gold futures lost 0.56% on Friday, as it retraced some of the recent rally. The market has bounced off its mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal. But gold began acting as a safe haven asset again. It rallied last week and got closer to the mentioned medium-term high.
Gold is down 0.6% this morning, as it retraces more of the recent advances. What about the other precious metals? Silver has lost 0.6% on Friday and today it unchanged. Platinum lost 1.80% on Friday and today it is down 0.5%. Palladium lost 0.8% on Friday and today it is gaining 1.6%. So precious metals extend their short-term consolidation on Monday.
The recent economic data releases have revealed more coronavirus damage to the economy. Today there will be no new important data releases. However in the coming days we will get series of news announcements including Wednesday’s FOMC Rate Decision and Monetary Policy update. Please take a look at our today's Market News Report to find out about the coming economic data releases.
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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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