Gold Going Sideways After Last Week’s Advance

June 2, 2020
Stock Market Strategist & Author

The gold futurs contract lost 0.08% on Monday, as it fluctuated following Friday’s advance of 1.35%. Early last week it has been extending a consolidation after bouncing off $1,700 support level on Wednesday. Gold price is still trading within its medium-term consolidation, as we can see on the daily chart:

Gold is unchanged this morning, as it is still trading along $1,750 price level. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals?: Silver gained 1.77% on Monday and today it is 0.4% lower. Platinum gained 3.03% and today is trading 0.4% lower. Palladium gained 0.79% yesterday and today it is 1.2% higher. So precious metals are mixed this morning.

The recent economic data releases have been confirming negative coronavirus impact on global economies. Yesterday’s ISM Manufacturing PMI release came out along with expectations, however still well below 50 mark. There will be no important economic data releases today. The markets will wait for tomorrow’a ADP Non-Farm Employment Change and ISM Non-Manufacturing PMI releases.

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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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.

In the Aztec language the name for gold is teocuitlatl which means "excrement of the gods."

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