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Gold Daily News: Thursday, February 6

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The gold futures contract gained 0.47% on Wednesday, as it retraced some of Tuesdays sell-off after bouncing off $1,550 support level. The yellow metal was gaining despite stock markets rally following better-than-expected economic data releases. The sentiment towards risk-on assets much improved, as corona virus fears eased a bit.

Gold is currently gaining 0.6%, as it is retracing more of the mentioned Tuesdays decline. It is the highest since Tuesdays early morning. What about the other precious metals? Silver gained 0.23% yesterday, as it continued to fluctuate following Mondays sell-off. It is gaining 1.0% this morning. Platinum gained 2.2% on Wednesday, but it remained within a short-term consolidation following recent declines. It is down 0.7% at this moment. Palladium lost 0.4% yesterday, after getting back to $2,400 mark. The market fell by over 4% from its intraday high. This morning, it is down another 1.3%.

The financial markets are still looking at China virus crisis developments. However, the sentiment much improved following the record-breaking U.S. stock markets rally. The markets will wait for todays economic data releases: Preliminary Nonfarm Productivity, Preliminary Unit Labor Costs, Unemployment Claims. Investors will surely await tomorrows Nonfarm Payrolls release. Where would the price of gold go following the NFP news? Take a look at our Monday's Market News Report to find some clue.

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Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care

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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 Rejczaks 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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About the author

Stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits' premium service for stock traders: Stock Trading Alerts.

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