gold investment, silver investment

paul-rejczak

Gold Daily News: Friday, May 1

May 1, 2020, 8:22 AM Paul Rejczak

The gold futures contract extended its short-term downtrend on Thursday, as it lost 1.12%. It has fallen below $1,700 mark again. The market continues to trade within a downward correction following last week's advance. Price has bounced off the mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we've seen some profit-taking action and a potential downward reversal.

Gold is basically going sideways since early April. It is trading above February-March local highs. So it looks like a consolidation within a medium-term uptrend.

Gold is trading 0.2% lower this morning. What about the other precious metals? Silver lost 2.23% on Thursday and today it is trading 0.4% lower. Platinum gained 1.68% yesterday and today it is 1.0% lower. Palladium gained 2.01% yesterday and today it is down 0.8%. So precious metals continue to trade within a short-term consolidation.

The recent economic data releases have revealed more coronavirus damage to the economy. Yesterday's Unemployment Claims number has been slightly worse than expected (3,839 vs. 3,500 million). Then Personal Income along with Personal Spending have also been worse than expected. Today we will get the ISM Manufacturing PMI number at 10:00 a.m.

Take a look at our Monday's Market News Report to find out about this week's economic data releases.

Thank you.

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

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Apr Market Overview

Gold Market Overview

There has never been such a crisis. In matter of days, economies all over the world froze up. The stock markets plunged and the Wall Street experienced its largest single-day percentage drop since Black Monday in 1987. In response, the central banks shoots monetary bazookas while the governments are announcing mammoth stimulus packages.

If you feel lost, if you do not know what to think about the epidemic and its impact on the global economy and the gold market, or if you feel that the world has gone mad, you should definitely read this edition of the Market Overview.

As always, we focus on the gold market, so we analyze thoroughly how the epidemic, global recession and the resulting monetary policy and fiscal policy response will affect the price of the yellow metal.

Read more in the latest Market Overview report.

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