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