gold investment, silver investment

paul-rejczak

Gold Daily News: Wednesday, April 22

April 22, 2020, 9:27 AM Paul Rejczak

The gold futures contract lost 1.37% on Tuesday as it retraced Monday's and fell below $1,700 price level again. The market is trading within a short-term downward correction following early April rally. On Tuesday a week ago it was the highest since November of 2012. Gold was acting as a safe haven asset. The high was at $1,788.80. But since then we've seen some profit-taking action and a potential downward reversal.

Gold is 1.5% higher this morning, as it gets back above $1,700 mark. What about the other precious metals? Silver has lost 4.73% yesterday and today it is 1.0% higher. Platinum lost 4.72% on Tuesday and today it is up 1.3%. Palladium lost 10.34% yesterday and today it is up 2.1%. So precious metals are retracing just a part of their yesterday's sell-off today.

Last week's economic data releases have revealed more coronavirus damage to the economy. Thursday's Unemployment Claims number has surpassed 5 million. But yesterday, we've got much better than expected German ZEW Economic Sentiment number release. It didn't help the risk-on markets that much, as stocks finished lower. Today we won't get any important economic data releases, but tomorrow the markets will await the European PMI numbers and U.S. Unemployment Claims along with the Flash Manufacturing/Services PMI's. 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

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