The gold futures gained 2.64% on Tuesday, as it retraced some of the recent sell-off after bouncing off $1,450-1,500 price level. Yellow metal fell the lowest since late November of 2019 on Monday, before bouncing off new medium-term low of $1,450.90. Earlier last week the market bounced off new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the local low of $1,564 despite an ongoing corona virus scare. However, the gold price retraced all of the decline recently, as virus fears reappeared. Then on Thursday and Friday it has reversed sharply lower. Today gold is retracing some of yesterday's rebound.
Gold is 1.5% down on Wednesday morning. What about the other precious metals? Silver lost 2.50% on Tuesday and today it is 3.3% lower, as it trades close to $12 price level. Platinum gained 1.16% yesterday and today it is down 4.6%. Palladium lost 0.30% yesterday and today it is 2.6% lower.
The financial markets continue to react to corona cirus crisis news. The stock market has basically crashed along with precious metals prices recently. The scheduled economic data releases have been much less important than the mentioned virus crisis developments. However, take a look at our Monday's Market News Report to find out about this week's economic news releases!
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
