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Gold Daily News: Friday, May 15 - Is Gold Breaking Higher?

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Published : May 15th, 2020
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Category : GoldWire

The gold futures contract 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.

Thank you.

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

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Przemyslaw Radomski is the founder, owner and the main editor of Being passionately curious about the market’s behavior he uses his statistical and financial background to question the common views and profit on the misconceptions. “Don’t fight the emotionality on the market – take advantage of it!” is one of his favorite mottos. His time is divided mainly to analyzing various markets with emphasis on the precious metals, managing his own portfolio, writing commentaries, essays and developing financial software. Most of the time he’s got left is spent on reading everything he can about the markets, psychology, philosophy and statistics. Mr. Radomski has started investigating the markets for his private use well before starting his professional career. He used to work as an informatics consultant, but this time-consuming profession left him little time for his true passion – the interdisciplinary market analysis. Establishing gave him the opportunity to put his thoughts, ideas, and experience into form available to other investors.
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