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Gold Daily News: Friday, January 24

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Published : January 25th, 2020
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Category : GoldWire

The gold futures gained 0.56% on Thursday, as it got closer to its recent local high of $1,568.80. The yellow metal closed above $1,560 mark for the first time since January 8 run-up followed by a sharp downward reversal. On Wednesday, it has bounced off $1,550 level. Overall, the market continues to trade within a short-term consolidation.

The gold price is currently 0.2% lower, as it is retracing some of yesterday's advance. What about the other precious metals? The silver was relatively weaker than gold, as it failed to break above the last week's Friday's local high. Yesterday it was unchanged and it remained below $18 mark. The platinum is unchanged, as it is still trading above $1,000 mark, and the palladium hovers along the new record high (-0.1%).

Today, the financial markets are watching series of economic data releases from Europe. We will also have the important Retail Sales number in Canada at 8:30 a.m. and the Flash Manufacturing PMI, Flash Services PMI numbers in the U.S. at 9:45 a.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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