Gold and silver continue their January upward trend. Yesterday other commodities also rallied along with the appreciation of the Euro against the USD. Today, the Euro Area Manufacturing PMI report will be published, the Canadian Retails Sales and BOE's Governor will give a speech. Many look forward for tomorrow's FOMC statement that could affect commodities markets if there will be interesting headlines in it. Currently gold is falling by 0.8% and silver by 0.17%.
For the complete gold and silver daily analysis for January 24th see here in Trading NRG
Gold rose on Monday by 0.86% and reached $1,678.3; silver also gained 1.88% and reached $32.27.The ratio between gold and silver slipped on Monday, January 23rd and reached 52.01. This trend means that silver has outperformed gold during January.

On Today's Agenda
Euro Area Manufacturing PMI: In the recent report the Euro Zone Manufacturing PMI reached 46.9, i.e. contraction in manufacturing. The upcoming report could influence the Euro and thus it may also affect the direction of gold;
Stocks / Gold Markets – January
The S&P500 slightly increased on Monday by 0.05% to 1,316.00. Since the S&P500 has a strong and positive relation with precious metals, if the stock market will continue to rise, this might indicate gold and silver will increase as well. The chart below presents the development of metals and S&P500 during January (normalized prices to Dec 30).

Gold and Silver Outlook
Gold and silver continue to rally and keep on demonstrating strong numbers; the recent rally of the Euro along with the January effect of the stock markets may have helped with this upward trend in the bullion market; Bloomberg also reported of the bullish movement in the metals markets. Today, there might be a correction to this recent trend, especially if the EU manufacturing PMI will show a sharp decline, but I speculate the general upward direction will continue for metals.
For further reading:
Why Gold is More Expensive than Platinum?
Gold and Silver Prices Weekly Outlook for January 23-27
By: Lior Cohen, M.A. in Economics, Commodities Analyst and Blogger at Trading NRG
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