gold investment, silver investment

paul-rejczak

Gold Daily News: Wednesday, May 6

May 6, 2020, 8:42 AM Paul Rejczak

The gold futures contract lost 0.16% on Tuesday as it continued to fluctuate within a short-term consolidation. On Friday the price bounced from $1,675 level. Gold is still trading within a relatively flat correction following 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 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.

This morning, gold is 0.6% lower following the U.S. dollar relative strength, among other factors. What about the other precious metals? Silver gained 2.12% yesterday and today it is trading 0.5% higher. Platinum gained 0.80% on Tuesday and today it is 1.4% lower. Palladium lost 4.29% on Tuesday and today it is down 1.2%.

Yesterday's ISM Non-Manufacturing PMI release was slightly better than expected and the stock market went higher. Today, we've had the ADP Non-Farm Employment Change release at 8:15 a.m. The number exceeded -20 million, but it wasn't much of a surprise. The recent economic data releases have been revealing coronavirus damage to the economy. Investors will await Friday's U.S. monthly jobs data release. Take a look at our Monday's Market News Report to find out about this week's economic data releases.

Thank you.

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

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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.

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