Daily Gold News: Friday, Jan. 21 – Gold’s Short-Term Correction

The gold futures contract lost 0.03% on Thursday, as it went sideways following its Wednesday’s advance of 1.7%. Gold reached the new local high of $1,848.50 yesterday. Investors are still reacting to Russia-Ukraine tensions, among other factors. The market remains close to the mid-November consolidation of around $1,850-1,875. It marks the nearest important resistance level. This morning yellow metal is trading lower, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.4% lower this morning, as it is retracing some of its recent advance. What about the other precious metals? Silver is 0.7% lower, platinum is 0.8% lower and palladium is 0.7% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been worse than expected at 286,000 and the Philly Fed Manufacturing Index release has been better than expected at 23.2. Today we will get the CB Leading Index release at 10:00 a.m. The market will be waiting for the next week’s Wednesday’s FOMC Statement release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, January 21

• 7:30 a.m. Eurozone – ECB President Lagarde Speech
• 10:00 a.m. U.S. – CB Leading Index m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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