The gold futures contract gained 0.48% on Friday, as it extended its short-term uptrend. The yellow metal got close to resistance level of $1,600 again, as it reached daily high of $1,588.20. Yesterday, the price of gold went even higher retracing more of its early February downturn, but it is still slightly below February 3 high of $1,598.50.
The recent China virus fears didn't scare risk-on assets' investors, however gold extended its short-term uptrend. This morning it is gaining 0.4%. What about the other precious metals? Silver gained 0.65% on Friday, as it retraced more of the recent decline. It is trading 0.6% higher this morning. Platinum lost 0.61%, and today it is 1.0% higher. Palladium lost 1.46% on Friday, as it bounced off its record highs. This morning it is gaining 0.6%.
The financial markets are digesting today's much worse-than-expected German ZEW Economic Sentiment number release. We also got an overnight profit warning from Apple and stock markets are declining. Investors will also wait for the Empire State Manufacturing Index release at 8:30 a.m. But the most important piece of economic data release this week will be Wednesday's FOMC Meeting Minutes. Take a look at our yesterday's Market News Report to find out more!
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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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