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Gold Daily News: Thursday, January 23


January 23, 2020 ( Newswire) The gold futures contract lost 0.08% on Wednesday, as it continued to trade within a short-term consolidation following the previous week's Wednesday's record-breaking advance above $1,600 mark that ended with a sharp intraday downturn. The market got close to the $1,570 level on Tuesday, before getting back below the resistance level of $1,560. Yesterday, it has bounced off a $1,550 level.

The gold price is currently 0.3% lower, as it is extending the mentioned two-week long consolidation. What about the other precious metals? The silver was relatively weaker than gold recently, as it failed to break above the last week's Friday's local high. Yesterday it gained 0.1% following Wednesday's decline of 1.5%. The platinum trades 1.0% lower but it remains above $1,000 mark, and the palladium gains 0.5% following the recent record-breaking rally.

Today, the financial markets are closely watching Eurozone's economic news releases including the ECB's Monetary Policy update. The ECB has left its Main Refinancing Rate unchanged at 7:45 a.m. But there will also be a press conference at 8:30 a.m. In addition, we will get the U.S. Initial Claims number at 8:30 a.m. and the Crude Oil Inventories at 11:00 a.m.

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


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.

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