​ Less Volatility Ahead of Long Holiday Weekend

The gold futures contract lost 1.72% on Thursday.

Author: Sunshine Profits   

The gold futures contract lost 1.72% on Thursday as it extended a downward correction from Monday's new monthly high of $1,775.80. The market reached its daily low at $1,715.30 yesterday. On Monday it had retraced almost all of the decline from April 14 high of $1,788.80, before it reversed lower. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart:

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Gold is 0.3% higher today, as it fluctuates following yesterday's relatively large decline. What about the other precious metals?: Silver lost 3.70% on Thursday and today it is unchanged. Platinum lost 7.28% and today it is 1.1% higher. Palladium lost 4.50% and today it is down 2.5%. So precious metals have been retracing their recent advances.

Yesterday's economic data releases didn't bring much surprises. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. And Flash Manufacturing and Services PMI's have been as expected. But the markets are used to bad economic numbers, as stocks remain relatively close to their medium-term local highs following rebounding from the late March lows.

There won't be any important Gold, Silver, and Mining Stocks economic news scheduled for today. Financial markets will likely extend their intraday consolidation ahead of the Bank Holiday on Monday (Memorial Day).

 

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Contributed By: 

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.


Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak's reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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