gold investment, silver investment

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Gold Daily News: Tuesday, April 28

April 28, 2020, 8:31 AM Paul Rejczak

The gold futures contract lost 0.68% on Tuesday, as it extended its short-term downward correction following last week's advance. The market has bounced off its 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. But gold began acting as a safe haven asset again. It rallied and got closer to the mentioned medium-term high. Yesterday it has retraced a part of last week's rally.

Gold is basically going sideways since early April. It is trading above February-March local highs. So for now, it looks like a consolidation within a medium-term uptrend. However, if the price gets below $1,700 level, we could see more selling pressure.

Gold is down 0.2% this morning, as it trades along yesterday's daily low. What about the other precious metals? Silver lost 0.35% on Monday and today it is down 0.3%. Platinum gained 0.4% yesterday and today it is gaining 0.7%. Palladium lost 4.56% on Monday and today it gains 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. Today we will get the important CB Consumer Confidence number at 10:00 a.m. It will likely be much below the previous value of 120. But investors will wait for tomorrow's FOMC Rate Decision and Monetary Policy update. Please take a look at our Monday's Market News Report to find out about the coming 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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