Analysis of Gold for January 20,.2021 -Upside continuation and potential for the larger upside movement towards $1.863
Latest data from the Mortgage Bankers Association for the week ending 15 January 2021
- Prior +16.7%
- Market index 946.8 vs 965.2 prior
- Purchase index 348.2 vs 338.9 prior
- Refinancing index 4,484.2 vs 4,706.3 prior
- 30-year mortgage rate 2.92% vs 2.88% prior
The drop in the overall market index comes from a larger decline in refinancing activity, meanwhile purchases surged higher once again as the housing market continues to keep more robust to start the new year.
The jump in the purchase index pushes it to the highest since November 2008.
Analyzing the current trading chart Gold, I found that buyers reacted as I expected and that Gold is heading towards the $1,863.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got VIX and Live Cattle today and on the bottom Natural Gas nad Soybean Meal.
Gold is positive on the list, which is good confirmation for the rise,,,,
Resistance: $1,863 and $1,957
Support level: $1,805
The material has been provided by InstaForex Company – www.instaforex.com