The price of gold lost 0.15% on Tuesday, as it extended its short-term consolidation following the previous week’s Wednesday’s record-breaking advance above $1,600 mark that ended with a sharp intraday downturn. However, the market got close to the $1,570 level yesterday, before getting back below the resistance level of $1,560.
The gold price has been tradingwithin an almost two-week long consolidation. despite the overall short-term risk-on action on the financial markets following last Wednesday’s U.S. and China Phase One trade deal signing. The gold is currently 0.1% lower, so it is extending the consolidation.
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. Consequently, yesterday it fell 1.47% following bouncing off the resistance level of $18.00-18.20. Right now, it is 0.6% lower. The price of platinum trades within a range of $1,000-1,020 per ounce as it gains 0.2%. On the other hand, palladium gains 1.2%, however it remains much below yesterday’s new record high.
Today, the financial markets will continue to focus on the World Economic Forum in Davos. We will also have some quite important economic data releases from Australia and Canada.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and 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, Przemyslaw Radomski, CFA 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. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA 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. Przemyslaw Radomski, CFA, 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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