Gold Daily News: Wednesday

The gold futures contract lost 0.16% on Tuesday as it continued to fluctuate within a short-term consolidation. On Friday the price bounced from $1,675 level. Gold is still trading within a relatively flat correction following April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal.

The price of gold is basically going sideways along $1,700 mark since early to mid April and it’s trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.

This morning, gold is 0.6% lower following the U.S. dollar relative strength, among other factors. What about the other precious metals? Silver gained 2.12% yesterday and today it is trading 0.5% higher. Platinum gained 0.80% on Tuesday and today it is 1.4% lower. Palladium lost 4.29% on Tuesday and today it is down 1.2%.

Yesterday’s ISM Non-Manufacturing PMI release was slightly better than expected and the stock market went higher. Today, we’ve had the ADP Non-Farm Employment Change release at 8:15 a.m. The number exceeded -20 million, but it wasn’t much of a surprise. The recent economic data releases have been revealing coronavirus damage to the economy. Investors will await Friday’s U.S. monthly jobs data release.

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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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