The gold futures contract lost 0.42% on Wednesday, as it fluctuated after retracing most of Friday’s-Monday’s rally. The daily trading range reached over 30 dollars and it shows how high short-term volatility is. Investors were buying the safe-haven asset amid coronavirus outbreak, economic slowdown fears recently. But gold has retraced a big chunk of that rally after bouncing off $1,700 mark.
Gold is gaining 0.7% this morning, as coronavirus fears continue to dominate financial markets. What about the other precious metals? Silver lost 1.52% on Wednesday, as it got back to its Tuesday’s daily low. And the price fell below $18 mark. Silver is currently 0.9% higher. Platinum lost 1.88% on Tuesday, and right now it is trading 0.2% higher. The metal bounced off $1,000 mark and it is getting closer to $900. Palladium was the only gainer again on Wednesday, as it advanced by 0.72%. However, it is retracing some of the short-term uptrend today, as it trades 1.2% lower.
The financial markets went risk-off since last Friday, as coronavirus fears came back again. The economic data releases seem less important than the mentioned virus scare recently. Yesterday’s New Home Sales number was better than expected but it didn’t improve investors’ sentiment that much. Today we will have the Durable Goods Orders along with Preliminary GDP number release at 8:30 a.m. Then at 10:00 the Pending Home Sales data will be released.
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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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