Gold Daily News: Tuesday, February 4

The market has reached new local high of $1,598.50. But then it bounced off the $1,600-1,615 resistance level, marked by January 8 medium-term high of $1,613.30 and reached daily low of $1,573.20. The price of gold continues to trade along last week’s local highs.

Gold is currently down 0.5%, trading below yesterday’s low, as investors’ sentiment improves ahead of the U.S. stock market open at 9:30 a.m. What about the other precious metals? Silver lost 1.9% yesterday, as it retraced its recent advance again. The short-term volatility remains relatively high.

It is currently up 0.2%. Platinum gained 0.9% on Monday and today it is up another 0.9%. However, the market remains below $1,000 mark following mid-January downward reversal. Palladium gained 0.4% yesterday and today it is gaining 3.1%, as it is retracing some of the recent decline off its new record high.

The financial markets are still looking at China virus crisis developments. However, the sentiment has further improved since Friday’s risk-on assets’ selloff. The markets will await today’s Factory Orders number release at 10:00 a.m., and then at 8:45 p.m. we will get the Chinese Caixin Services PMI release. Investors will surely wait for this week’s Friday’s Nonfarm Payrolls release. Where would the price of gold go following the NFP news? Take a look at our Monday’s Market News Report to find some clue.

Check more of our free articles on our website – just drop by and have a look. We encourage you to sign up for our daily newsletter, too – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Gold & Silver Trading Alerts. Sign up for the free newsletter today!

Thank you.

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

---

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.