gold investment, silver investment


Gold Daily News: Friday, May 8

May 8, 2020, 8:20 AM Paul Rejczak

The gold futures contract gained 2.21% on Thursday, as it retraced Wednesday's decline and got above $1,700 price level again. Gold is still trading within a 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.

The price of gold is down 0.2% this morning, as it fluctuates following yesterday's advance. Global financial markets remain in a risk-on mode, as stocks hover along their medium-term local highs. What about the other precious metals?: Silver gained 3.83% yesterday and today it is trading 0.9% higher. Platinum gained 2.17% yesterday and today it is up 0.4%. Palladium gained 4.37% on Thursday and today it is down 0.7%.

Yesterday's Unemployment Claims number was slightly above 3 million mark, as it came out along with expectations. Investors will wait for today's U.S. monthly jobs data release. The Nonfarm Payrolls number is expected to reach around -22 million following Wednesday's ADP Non-Farm Employment Change release of -20.2 million. The markets are getting used to bad economic data, so we won't likely see an extraordinary intraday volatility.

Thank you.

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

Did you enjoy the article? Share it with the others!

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.

menu subelement hover background