The gold futures lost 3.14% on Wednesday, as it retraced most of Tuesday’s rebound following selling off below $1,500 price level. Yellow metal fell the lowest since late November of 2019 on Monday, before bouncing off from new medium-term low of $1,450.90. Last week the market bounced off its new medium-term high at$1,704.30. Two weeks ago the gold price collapsed to the local low of $1,564 despite an ongoing coronavirus scare. However, the gold price retraced all of the decline recently, as virus fears reappeared. Then on Thursday and Friday it has reversed sharply lower. Today gold is trading along yesterday’s daily low.
Gold is 0.7% down right now. What about the other precious metals? Silver lost 5.79% on Wednesday and today it is 0.5% higher, as it trades along $12 price level. Platinum lost 9.6% yesterday and today it is down 3.9%. Palladium lost 5.95% yesterday and today it is 0.8% lower.
The financial markets continue to react to corona virus crisis news. The stock market has basically crashed along with precious metals prices early in the week. The scheduled economic data releases have been much less important than the mentioned virus crisis developments. However, take a look at our Monday’s Market News Report to find out about this week’s economic news 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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