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Gold Daily News: Tuesday, February 18

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Published : February 19th, 2020
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Category : GoldWire

The gold futures contract gained 0.48% on Friday, as it extended its short-term uptrend. The yellow metal got close to resistance level of $1,600 again, as it reached daily high of $1,588.20. Yesterday, the price of gold went even higher retracing more of its early February downturn, but it is still slightly below February 3 high of $1,598.50.

The recent China virus fears didn't scare risk-on assets' investors, however gold extended its short-term uptrend. This morning it is gaining 0.4%. What about the other precious metals? Silver gained 0.65% on Friday, as it retraced more of the recent decline. It is trading 0.6% higher this morning. Platinum lost 0.61%, and today it is 1.0% higher. Palladium lost 1.46% on Friday, as it bounced off its record highs. This morning it is gaining 0.6%.

The financial markets are digesting today's much worse-than-expected German ZEW Economic Sentiment number release. We also got an overnight profit warning from Apple and stock markets are declining. Investors will also wait for the Empire State Manufacturing Index release at 8:30 a.m. But the most important piece of economic data release this week will be Wednesday's FOMC Meeting Minutes. Take a look at our yesterday'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 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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