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Daily Gold News: Monday, Jan. 24 – Gold Fluctuates Ahead of Wednesday’s Fed

By:
Paul Rejczak
Published: Jan 24, 2022, 12:44 UTC

Gold is 0.1% higher this morning, as it is trading within a short-term consolidation. What about the other precious metals?

Daily Gold News: Monday, Jan. 24 – Gold Fluctuates Ahead of Wednesday’s Fed

In this article:

The gold futures contract lost 0.59% on Friday, as it continued to fluctuate following its Wednesday’s advance of 1.7%. On Thursday, gold reached the new local high of $1,848.5. Investors were reacting to Russia-Ukraine tensions, among other factors. The market got 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 along the Friday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

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Gold is 0.1% higher this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.8% lower, platinum is 0.5% lower and palladium is 2.0% higher. So the main precious metals’ prices are mixed this morning.

Today we will get the U.S. Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The markets will be waiting for the Wednesday’s FOMC Statement release.

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

Monday, January 24

  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 7:30 p.m. Australia – CPI q/q, Trimmed Mean CPI q/q

Tuesday, January 25

  • 4:00 a.m. Eurozone – German ifo Business Climate
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index
  • All Day, Australia – Bank Holiday

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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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ 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, Paul Rejczak 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. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s 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. Paul Rejczak, 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.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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