gold investment, silver investment

paul-rejczak

Gold Daily News: Tuesday, March 3

March 3, 2020, 7:25 AM Paul Rejczak

The gold futures contract gained 1.79% on Monday, as it retraced some of the Friday's big sell-off. On Friday the price collapsed to $1,564.00 level, despite the ongoing corona virus scare. The recent short-term volatility marked a topping pattern before that sell-off. Investors were buying safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But then gold bounced off $1,700 mark and reversed the uptrend. Yesterday the market got back above $1,600, before closing slightly below it.

Gold is gaining 0.9% this morning, as it fluctuates within yesterday's daily trading range. What about the other precious metals? Silver lost over 7% on Friday and on Monday it has gained 1.7%. Today it gains additional 0.7%, as it retraces some of the sell-off. Platinum lost 0.61% on Monday, and right now it is trading 0.8% higher. Palladium lost 2.55% on Monday after selling off by over 8% on Friday. Right now it is trading 0.2% higher. Overall, precious metals are relatively very calm this morning.

The financial markets went full risk-off last week, as corona virus fears dominated the news. This week has begun with a continuation of a stock markets' relief rally. But for now, it looks like a 'dead-cat-bounce' upward correction. Investors will wait for today's Caixin Services PMI number release from China at 8:45 p.m. That may show virus impact on Chinese economy. On Friday we will get the important U.S. monthly jobs data release. Take a look at our Monday's Market News Report to find out more!

Thank you.

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

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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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