Both gold and silver pricing traded lower on the day as well as the week, considering the events that have transpired and President-elect Biden’s unveiling of a $2 trillion stimulus package in some ways the reaction by market participants lacks logic, or clarity in terms of the long term implications.

A mixed bag in the precious metal’s markets with gold trading lower and silver, platinum, and palladium all settling with positive gains on the day. Gold basis the most active February 2021 Comex contract is currently trading off by $6.70 (-0.36%) and fixed at $1,840.20. The June 2021 contract gave up $6.80 (-0.37%), and is currently fixed at $1,852.

Market participants genuinely focused upon the U.S. House of Representative's vote to impeach President Trump in the week prior to the end of his term. In fact, every major financial broke coverage of their traditional commentary on the financial markets to broadcast the vote on live TV.

Gold futures basis the most active February 2021 Comex contract traded to a high overseas last night of $1864, before giving back a large percentage of the gains, closing up by $4.30 (+0.23%), and is currently fixed at approximately $1855.40. This will mark the second consecutive day in which gold has closed higher than the previous day.

Friday’s dramatic $66 price decline took gold prices below their 200-day moving average for the first time since December 1, 2020. Even more alarming was the fact that after trading to a low of $1828, gold futures traded off the low closing at $1,836 which is four dollars below its 200-day moving average.

“Been dazed and confused for so long, it's not true … Lotsa people talkin', few of them know” - Led Zeppelin, Songwriters: Page, James, Patrick.

Considering yesterday’s sharp decline and rapid recovery in gold prices, today’s trading activity exhibited follow-through strength resulting in moderate gains for gold futures. As of 4:00 PM EST, the most active February 2021 Comex contract is currently up by $6.30 and fixed at $1914.90. This is a net gain of approximately 3/10 of a percent with a high of $1929.60, and a low of $1970.50.

Currently, there is a crisis in our nation’s capital of Washington D.C., as legislative members in both the House and Senate have evacuated their offices. The evacuation is a direct result of the U.S. capital being breached by protesters who are demonstrating against the results of November’s presidential election.

On the second trading day of the year gold futures most active, February 2021 Comex contract is fixed at $1952.60. Although today’s gains were meager when compared to yesterday’s dramatic $50 price advance, the importance of today’s gains has to do more with follow-through buying after a stellar performance yesterday, rather than traders moving in to quickly take profits.

The first day of trading which began yesterday in Australia has resulted in exponential growth of bullish market sentiment in regards to gold pricing. Although the factors that moved gold pricing just over $50 on the first trading day in 2021 have been in existence for quite some time.