Gold Daily News: Is Gold Breaking Higher?

May 15, 2020
Stock Market Strategist & Author

The gold futures contact gained 1.43% on Thursday as it broke above the recent consolidation. Gold price has retraced more of its month-long decline from April’s high. 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 medium-term downward reversal. But today, gold is breaking above yesterday’s trading range following worse-than-expected U.S. Retail Sales release.

Gold is gaining 0.8% today, as it extends the short-term uptrend. Global financial markets are taking a little breather this week as investors cash their profits amid renewed coronavirus crisis worries. And gold is acting as a safe-haven asset. What about the other precious metals? Silver gained 3.09% on Thursday and today it is 3.4% higher. Platinum gained 0.68% yesterday and today it is down 0.1%. Palladium gained 0.42% yesterday and today it is gaining 0.8%.

Last Friday’s Nonfarm Payrolls and the Unemployment Rate along with this week’s inflation numbers releases have confirmed coronavirus damage to the U.S. economy. And today, the U.S. Retail Sales number came much worse than expected at -16.4%. Investors will also wait for the Industrial Production release at 9:15 a.m., and the Preliminary UoM Consumer Sentiment along with the Business Inventories releases at 10:00 a.m.

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!

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.

********

Paul Rejczak is a stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.

The melting point of gold is 1337.33 K (1064.18 °C, 1947.52 °F).

Gold Eagle twitter                Like Gold Eagle on Facebook