January 14th, the precious metals market experienced a day full of uncertainties. Three major tests lie ahead, any one of which could rewrite the subsequent market rhythm.

First, let's discuss the three key events tonight. The US retail sales monthly rate data will be released at 9:30 PM, which directly reflects the true temperature of US consumer activity and is crucial for judging economic trends. At the same time, the US Supreme Court will rule on whether a certain tariff policy is constitutional; policy adjustments could trigger chain reactions in commodities. Additionally, the rebalancing of the commodity index is wrapping up tonight. The previous high-level fluctuations in gold and silver were partly due to this wave of selling pressure. If the market can hold steady, it indicates solid confidence.

From the news perspective, there are currently almost no reasons to suppress precious metals. Geopolitical tensions are still ongoing, with potential risks in the Middle East persisting, and safe-haven buying continues to flow in. Meanwhile, doubts about the Federal Reserve's independence are intensifying, and market expectations for monetary policy uncertainty are clearly rising, which is directly positive for precious metals. There are also some strategic official statements continuously fueling market sentiment.

The current environment presents a rare window of opportunity for precious metals. The key still depends on whether tonight's data can continue to support an upward trend.