Daily Gold News: Gold’s Breakout Above Short-Term Trading Range

The gold futures contract gained 1.43% on Wednesday, as it broke above the recent trading range after bouncing from local low of around $1,800 on Monday. The market gave back almost all of its December’s advance recently. This week, gold is retracing some of its early January decline, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is virtually unchanged this morning, as it is trading along yesterday’s closing price. What about the other precious metals? Silver gained 1.76% on Tuesday and today it is 0.2% higher. Platinum gained 2.23% yesterday and today it is 1.3% higher. Palladium gained 1.62% and today it is 1.0% higher. So precious metals are mixed this morning.

The markets will wait for today’s Monetary Policy update from the European Central Bank. We will also get the Unemployment Claims release, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, January 21

• 7:45 a.m. Eurozone – Monetary Policy Statement , Main Refinancing Rate
• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts
• 8:30 a.m. Eurozone – ECB Press Conference

Friday, January 22

• 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – Existing Home Sales

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

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

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