Gold Daily News: Thursday, February 20

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Published : February 21st, 2020
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Category : GoldWire

The gold futures contract gained 0.51% on Wednesday, as it further extended its short-term uptrend. The price of gold broke slightly above its January 8 local high of $1,613.30, before closing the highest since the first half of 2013. Investors keep buying the safe-haven asset despite record-breaking stock market and rising U.S. dollar.

Gold is extending its short-term uptrend this morning, as it gains additional 0.4%. What about the other precious metals? Silver gained 0.89% on Wednesday, as it broke slightly above its late January local high. The price remains above $18 mark. But it is declining 0.2% this morning. Platinum gained 1.07% yesterday, and today it is 0.7% lower. The metal remains at $1,000 mark. Palladium accelerated the uptrend once again on Wednesday, as it gained 2.95%. However, it retraced most of its intraday advance yesterday. Palladium is 1.3% lower today.

The financial markets fluctuated following yesterday's FOMC Meeting Minutes release. Stocks remained close to record highs, and gold extended the uptrend. However, the Fed news wasn't a market-mover. Today we will wait for the Philly Fed Manufacturing Index release at 8:30 a.m. Will the data show coronavirus-related contraction? Take a look at our Monday's Market News Report to find out more!

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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