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Gold Daily News: Tuesday, January 21

IF - Tue Jan 21, 12:59PM CST
The price of gold has been quitevolatileovernight despite Mondays Martin Luther King Jr. Day in the U.S. It broke above the short-termresistance levelof $1,560, before reversing downwards and getting back below the recent local lows. It still looks like a consolidation following January 8 run-up above $1,600 mark that ended with a sharp downturn. Last week the market has rebounded off a local low of $1,536.40.

The gold price has been trading close to week-long highs despite the overall short-term risk-on action on the financial markets following last Wednesdays U.S. and China Phase One trade deal signing. The overnight trading action in gold has reaffirmed the mentioned resistance level. The gold is currently 0.3% lower.

What about the other precious metals? The silver was relatively weaker than gold, as it failed to break above the last weeks Fridays local high. Right now, it continues to trade along the $18 mark. The price of platinum trades within a range of $1,000-1,020 per ounce and palladium remains close to its new record highs.

Today, the financial markets are focusing on a virus crisis in Asia, Hong Kongs Moodys downgrade and the World Economic Forum in Davos.

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Thank you.

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

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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 Rejczaks 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.