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Gold Daily News: Tuesday, March 17

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Published : March 20th, 2020
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Category : GoldWire

The gold futures lost 1.99% on Monday, as it slightly extended its Friday's sell-off. Yellow metal fell the lowest since late November of 2019 yesterday, before bouncing off a daily low of $1,450.90. Earlier last week the market bounced off new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the local low of $1,564 despite an ongoing corona virus scare. However, the gold price retraced all of the decline recently, as virus fears reappeared. Then on Thursday and Friday it has reversed sharply lower. Today gold continues trading below $1,500.

Gold is 1.6% down on Tuesday morning, as it hovers along its yesterday's daily low. What about the other precious metals? Silver lost another 11.61% on Monday and today it is 4.3% lower, as it trades below $13 per ounce. Platinum lost 11.59% yesterday and this morning it is down 3.4%. Palladium gained 0.22% yesterday and today it is 2.3% lower.

The financial markets have been reacting to a sudden Fed's interest rate cut decision and the new QE announcement yesterday. The stock market has basically crashed along with precious metals prices. The scheduled economic data releases have been much less important than virus crisis developments recently. However, take a look at our yesterday's Market News Report to find out about this week's economic news releases!

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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