Gold Daily News: Monday

April 6, 2020
Stock Market Strategist & Author

The gold futures contract gained 0.49% on Friday, as it retraced more of the short-term decline following bouncing off $1,700 level in late March. The yellow metal is slowly getting back to the March 9 medium-term high of $1,704.30 again. Mounting pandemic fears are supporting the demand side and gold is acting as a safe-haven asset. For now, it looks like a consolidation within an uptrend.

Gold is gaining 1.4% this morning, as it is extending its short-term uptrend. What about the other precious metals? Silver lost 1.09% on Friday and today it is 2.5% higher. Platinum lost 1.63% on Friday and today it is up 1.1%. Palladium lost 0.74% on Friday and today it trades 3.6% lower. So precious metals prices are mixed this morning.

Friday’s U.S. Non-Farm payrolls along with the Unemployment Rate releases have been worse than expected. However, it wasn’t that surprising after the recent Unemployment Claims numbers. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy. Today, investors will wait for the Bank of Canada Business Outlook Survey release at 10:30 a.m.

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

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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.

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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).

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