Gold Daily News - Gold futures gained 0.6% on Wednesday, January 15th

Paul Rejczak Sunshine Profits

Gold futures gained 0.6% on Wednesday, January 15 as it continued to rebound off Tuesday's local low of $1,536.40. The price has got closer to the recent highs. Overall, it has been trading within a week-long $1,540-1,560 consolidation following January 8 run-up above $1,600 mark that ended with a sharp downturn.

Yesterday’s S. and China Phase One trade deal signing ceremony brought a lot of attention, but little has happened in gold and silver. However, we saw big movements in platinum and palladium. The first broke sharply above $1,000 mark as it gained almost 4% and the latter has reached yet another new record high nearing $2,200 mark.

Right now, the price of gold is flat and silver is retracing some of yesterday’s advance. On the other hand, both platinum and palladium extend their short-term gains this morning.

Today, the markets will await the US Retail Sales number. It is supposed to be the most important piece of economic data this week. But that’s not all. At 8:30 a.m. we will also get the Philly Fed Manufacturing Index and just before that, at 7:30 the European Central Bank will release its Monetary Policy Meeting Accounts. Then, the ECB President Lagarde will speak at 1:00 p.m. Last but not least, at 9:00 p.m. there will be China’s GDP number release.

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Author

Paul Rejczak

Sunshine Profits

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

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