Gold Daily News: Wednesday, January 29

The financial markets reacted to better-than-expected U.S. economic data releases (Durable Goods Orders, CB Consumer Confidence) and China virus fears somewhat eased yesterday. On last week’s Wednesday gold has bounced off $1,550 level, and since then it gained almost 2.5%. The market trades within a short-term uptrend as it is still retracing some of its move lower from the January 8 medium-term high.

The gold price is currently 0.3% higher, as it retraces some of yesterday’s decline. Overall, it remains within a consolidation following the recent advances. What about the other precious metals? The silver sold off yesterday, as it fell 3.31% and it got further away from the $18 mark. Silver is currently 0.3% higher. The platinum remained slightly below $1,000 mark yesterday, as it gained 0.33%. On the other hand, palladium gained 2.73%. However, that metal has retraced just some of its recent sell-off from new record highs.

The financial markets are focusing less on the mentioned China virus crisis and much more on today’s FOMC Monetary Policy Statement release at 2:00 p.m. There will likely be a big increase in volatility on the financial markets. Where would the price of gold go following the FOMC news? Take a look at our Monday’s Market News Report to find some clue.

Check more of our free articles on our website – just drop by and have a look. We encourage you to sign up for our daily newsletter, too – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Gold & Silver Trading Alerts. Sign up for the free newsletter today!

Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits – Effective Investments through Diligence and Care

---

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.