The gold futures contract gained 5.95% on Tuesday, as it extended its Monday's rally following Sunday's Fed unlimited Quantitative Easing announcement. Yellow metal has retraced all of the recent sell-off, as it got back very close to its March 9 medium-term high of $1,704.30 yesterday. Today, gold is retracing some the advance.
Gold is 0.4% down this morning, as it fluctuates following Monday's-Tuesday's rally. What about the other precious metals? Silver gained 7.51% on Tuesday and today it is down 0.6%. Platinum has rallied by 11.82% yesterday and today it is gaining additional 2.0%. Palladium gained 14.77% on Tuesday and today it is gaining 6.3%.
The financial markets continue reacting to the mentioned Sunday's Fed announcement. The stock market has basically crashed along with precious metals prices a week ago. Stocks retrace some of their decline this week and gold is back at medium-term high again. The scheduled economic data releases have been less important than the mentioned virus crisis developments recently. However, yesterday's U.S. Flash Services PMI number release came in much worse than expected. Take a look at our Monday'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
