Gold Daily News: Tuesday

Stock Market Strategist & Author
April 28, 2020

The gold futures contract lost 0.68% on Tuesday, as it extended its short-term downward correction following last week’s advance. The market has bounced off its 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. But gold began acting as a safe-haven asset again. It rallied and got closer to the mentioned medium-term high. Yesterday it has retraced a part of last week’s rally.

Gold is basically going sideways since early April. It is trading above February-March local highs. So for now, it looks like a consolidation within a medium-term uptrend. However, if the price gets below $1,700 level, we could see more selling pressure.

Gold is down 0.2% this morning, as it trades along yesterday’s daily low. What about the other precious metals? Silver lost 0.35% on Monday and today it is down 0.3%. Platinum gained 0.4% yesterday and today it is gaining 0.7%. Palladium lost 4.56% on Monday and today it gains 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. Today we will get the important CB Consumer Confidence number at 10:00 a.m. It will likely be much below the previous value of 120. But investors will wait for tomorrow’s FOMC Rate Decision and Monetary Policy update.

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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 the 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, and is the author of the Gold Price News at GoldPriceForecast.com, the Silver Price News at SilverPriceForecast.com, and Stock Trading Alerts at StockPriceForecast.com.


The term “carat” comes from “carob seed,” which was standard for weighing small quantities in the Middle East.
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