Gold Daily News: Friday, January 17

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Published : January 19th, 2020
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Category : GoldWire

Gold futures lost 0.2% on Thursday, January 16 as it continued to fluctuate within an over week-long consolidation following January 8 run-up above $1,600 mark that ended with a sharp downturn. The market has rebounded off Tuesday's local low of $1,536.40. But on Wednesday and Thursday it's been bouncing off a short-term resistance level at $1,560.

The gold price remains unchanged despite Wednesday's U.S. and China Phase One trade deal and it positive consequences for the overall risk-on assets. The silver follows gold, as it is basically going sideways since January 9. But we've had platinum sell-off off the new medium-term high and a potential palladium's euphoria-rally reversal yesterday. The palladium futures has reached the new record high of $2244.80, before closing "just 0.6% higher".

Right now, the price of gold gains 0.4% and silver is 0.7% higher. Platinum and Palladium are trying to resume their uptrend as they gain 2.4-2.5%.

Today, the markets will await the U.S. Building Permits and Housing Starts numbers at 8:30 a.m. Then the FOMC Member Harker will speak at 9:00 a.m. But that's not all. We will also have the Preliminary Universtity of Michigan Consumer Sentiment data release at 10:00 a.m. There will also be another speech from the FOMC Member Quarles at 12:45 p.m.

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 www.SunshineProfits.com. 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 www.SunshineProfits.com gave him the opportunity to put his thoughts, ideas, and experience into form available to other investors.
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