Gold Daily News: Friday, May 1The gold futures contract extended its short-term downtrend on Thursday, as it lost 1.12%. It has fallen below $1,700 mark again.
The market continues to trade within a downward correction following last week’s advance. Price has bounced off the mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal.
Gold is basically going sideways since early April. It is trading above February-March local highs. So it looks like a consolidation within a medium-term uptrend.
Gold is trading 0.2% lower this morning. What about the other precious metals? Silver lost 2.23% on Thursday and today it is trading 0.4% lower. Platinum gained 1.68% yesterday and today it is 1.0% lower. Palladium gained 2.01% yesterday and today it is down 0.8%. So precious metals continue to trade within a short-term consolidation.
The recent economic data releases have revealed more coronavirus damage to the economy. Yesterday’s Unemployment Claims number has been slightly worse than expected (3,839 vs. 3,500 million). Then Personal Income along with Personal Spending has also been worse than expected. Today we will get the ISM Manufacturing PMI number at 10:00 a.m.
Take a look at our Monday’s Market News Report to find out about this week’s economic data releases.
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!
Stock Trading Strategist
Sunshine Profits – Effective Investments through Diligence and Care
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.