gold investment, silver investment

paul-rejczak

Gold Daily News: Thursday, May 14 - Gold Keeps Going Sideways

May 14, 2020, 8:11 AM Paul Rejczak

The gold futures contract gained 0.56% yesterday as it extended its Tuesday's advance. However, the market continues to fluctuate within a short-term consolidation. Gold price remains close to $1,700 level. It is still trading within a flat correction after its 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 medium-term 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.

Gold is 0.1% down this morning, as it continues to trade along $1,700 mark. Global financial markets took a little breather this week as investors were cashing their profits amid renewed coronavirus crisis worries. What about the other precious metals?: Silver lost 0.24% on Wednesday and today it is 0.4% lower. Platinum lost 0.98% and today it is up 0.1%. Palladium lost 2.44% and today it is 0.7% lower.

Last Friday's Nonfarm Payrolls and the Unemployment Rate along with this week's inflation numbers releases have confirmed coronavirus damage to the U.S. economy. Today we will await the weekly Unemployment Claims release at 8:30 a.m. The number has been gradually decreasing but it remains relatively very big. Take a look at our Monday's Market News Report to find out about this week's economic data announements.

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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