Daily Gold News: Thursday, Jan. 20 – Gold Price Remains Above the Recent Highs

The gold futures contract gained 1.70% on Wednesday, as it broke above the previous local highs. Investors reacted to Russia-Ukraine tensions, among other factors. The market got closer to its mid-November consolidation of around $1,850-1,875. It marks the nearest important resistance level. This morning yellow metal is trading along its yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% lower this morning, as it is trading within an intraday consolidation. What about the other precious metals? Silver is virtually flat, platinum is 1.3% higher and palladium is 2.1% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s Building Permits and Housing Starts releases have been better than expected. Today we will get the Unemployment Claims, Philly Fed Manufacturing Index and the Existing Home Sales announcements.

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

Thursday, January 20

• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
• 10:00 a.m. U.S. – Existing Home Sales

Friday, January 21

• 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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