Gold is 0.7% down right now

Paul Rejczak Sunshine Profits

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!

Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!

Author

Paul Rejczak

Sunshine Profits

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.