Analysis of Gold for January 13,.2021 – Potential for the another downside swing ttowards $1.819 and $1.770
Comments by UK prime minister, Boris Johnson
- These are early days to see impact of virus measures
- We keep restrictions under constant review
Although the vaccine rollout is underway, the rising death count and hospitalisations are still posing a challenge for the UK as of late. That will likely keep tighter restrictions in place and drag Q1 economic conditions, adding to the post-Brexit challenge.
Analyzing the current trading chart of Gold, I found that there is the rejection of the key pivot level at $1,860 and there is potential for potential downside movement towards $1,819 and $1,770.
Stochastic oscillator is showing overbought condition and fresh bear cross, which is another sign for the downside continuation.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Corn and Wheat today and on the bottom Ethanol and Canola.
Support levels:$1,819 and $1,770.
The material has been provided by InstaForex Company – www.instaforex.com