The gold futures contract gained 0.1% on Wednesday, as it continued to fluctuate along Tuesday's trading range. Investors reacted to the Fed' Jerome Powell's Testimony again. The market is extending a month-long consolidation following January 8 run-up to new medium-term high of $1,613.30.
The gold is 0.5% higher this morning, as China virus fears re-appear again following some negative overnight news about virus case count revision. The market is above its Tuesday's- Wednesday's daily highs. What about the other precious metals? Silver lost 0.57% on Wednesday, as it extended its short-term downtrend. But it is currently 0.9% higher. Platinum lost 0.64%, and right now it is 0.4% higher. Palladium gained 2.51% yesterday, as it retraced its recent decline. This morning it is down 0.5%.
The financial markets will be waiting for the U.S. Consumer Price Index release at 8:30 a.m. It will be one of the most important economic data announcements this week. And we highlighted it our Monday's Market News Report.
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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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