Gold Daily News: Tuesday

The gold futures contract gained 0.73% on Monday, as it bounced off previous local highs. The market has reacted to an unprecedented oil prices crash and stock market’s decline yesterday. Gold was acting as a safe-haven asset. On last week’s Tuesday it was the highest since November of 2012. The high was at $1,788.80. But since then we’ve seen some profit-taking action and a potential downward reversal.

Gold is 1.9% lower this morning, as it extends the short-term downtrend following another wave of oil prices historical sell-off. What about the other precious metals? Silver has gained 2.09% yesterday. Today it is 3.9% lower. Platinum gained 1.36% on Monday and today it is down 5.4%. Palladium lost 0.16% yesterday and today it is trading 13.3% lower. So precious metals are selling off this morning.

Last week’s economic data releases have revealed more coronavirus damage to the economy. Thursday’s Unemlpoyment Claims number has surpassed 5 million. There haven’t been any new important economic news releases yesterday. But today, we’ve got much better than expected German ZEW Economic Sentiment number release at 5:00 a.m. It didn’t help the risk-on markets that much, as stocks are set to open 1-2% lower today. We will also get the U.S. Existing Home Sales number at 10:00 a.m.

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Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care

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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' 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, Paul Rejczak 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. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s 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. Paul Rejczak, 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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