Analysis of Gold for January 12,.2021 – Potential for completion of the ABC and downside movement towards $1.832

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Analysis of Gold for January 12,.2021 - Potential for completion of the ABC and downside movement towards .832

Analysis of Gold for January 12,.2021 – Potential for completion of the ABC and downside movement towards $1.832

China December M2 money supply +10.1% vs +10.7% y/y expected

Prior +10.7%

  • New yuan loans £1,260.0 bn vs £1,250.0 bn expected
  • Aggregate financing £1,720.0 bn vs £2,185.0 bn expected

Broad money growth eases slightly towards the end of last year but remains rather elevated as China continues to maintain a healthy supply of credit in order to try and bolster the economy amid the virus crisis.

The total new yuan loans for the year came in at a record total of £19.6 trillion, so that pretty much shows how much of a priority the recovery is relative to deleveraging efforts.

Analysis of Gold for January 12,.2021 - Potential for completion of the ABC and downside movement towards .832

Further Deveopment

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Analyzing the current trading chart of Gold, I found that there is potential for the ABC correction to complete and further downside movement to continue.

My advice is to watch for selling opportunities with the downside targets at $1,832 and $1,817.

1-Day relative strength performance Finviz

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Based on the graph above I found that on the top of the list we got Natural Gas and Platinum today and on the bottom Ethanol and Canola.

Key Levels:

Resistance: $1,865-$1,870

Support levels: $1,832 and $1,817

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/202334/