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Gold Daily News: Friday, May 8

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Published : May 08th, 2020
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Category : GoldWire

The gold futures contract gained 2.21% on Thursday, as it retraced Wednesday's decline and got above $1,700 price level again. Gold is still trading within a flat correction following April's advance. 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 downward reversal.

The price of gold is basically going sideways along $1,700 mark since early to mid April and it's trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.

The price of gold is down 0.2% this morning, as it fluctuates following yesterday's advance. Global financial markets remain in a risk-on mode, as stocks hover along their medium-term local highs. What about the other precious metals?: Silver gained 3.83% yesterday and today it is trading 0.9% higher. Platinum gained 2.17% yesterday and today it is up 0.4%. Palladium gained 4.37% on Thursday and today it is down 0.7%.

Yesterday's Unemployment Claims number was slightly above 3 million mark, as it came out along with expectations. Investors will wait for today's U.S. monthly jobs data release. The Nonfarm Payrolls number is expected to reach around -22 million following Wednesday's ADP Non-Farm Employment Change release of -20.2 million. The markets are getting used to bad economic data, so we won't likely see an extraordinary intraday volatility.

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 www.SunshineProfits.com. 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 www.SunshineProfits.com gave him the opportunity to put his thoughts, ideas, and experience into form available to other investors.
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