The gold futures contract lost 1.37% on Tuesday as it retraced Monday’s and fell below $1,700 price level again. The market is trading within a short-term downward correction following early April rally. On Tuesday a week ago it was the highest since November of 2012. Gold was acting as a safe haven asset. The high was at $1,788.80. But since then we’ve seen some profit-taking action and a potential downward reversal.
Gold is 1.5% higher this morning, as it gets back above $1,700 mark. What about the other precious metals? Silver has lost 4.73% yesterday and today it is 1.0% higher. Platinum lost 4.72% on Tuesday and today it is up 1.3%. Palladium lost 10.34% yesterday and today it is up 2.1%. So precious metals are retracing just a part of their yesterday’s sell-off today.
Last week’s economic data releases have revealed more coronavirus damage to the economy. Thursday’s Unemployment Claims number has surpassed 5 million. But yesterday, we’ve got much better than expected German ZEW Economic Sentiment number release. It didn’t help the risk-on markets that much, as stocks finished lower. Today we won’t get any important economic data releases, but tomorrow the markets will await the European PMI numbers and U.S. Unemployment Claims along with the Flash Manufacturing/Services PMI’s. Take a look at our Monday'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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