Analysis of Gold for January 25,.2021 – Potential completion of the ABC correction and new downside swing
Prior 92.1; revised to 92.2
- Expectations 91.1 vs 93.6 expected
- Prior 92.8; revised to 93.0
- Current assessment 89.2 vs 90.6 expected
- Prior 91.3
Slight delay in the release by the source. That’s a weak report overall as even the expectations component fell and missed on estimates. That alludes to some suggestion that the virus situation is affecting business morale as a whole.
That said, we’ll see if that will be reflected in the hard data and if the outlook will grow slightly better now that German cases have sort of hit a plateau recently.
Analyzing the current trading chart of Gold, I found that the buyers got exhausted today and the downside movement is on the way.
There is the completion of the ABC upside correction and potential for the downside continuation towards the level of $1,850.
Watch for selling opportunities on the rallies using the intraday charts.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lean Hogs and Lumber today and on the bottom Oats and Cocoa.
Support levels: $1,850 and $1,841
The material has been provided by InstaForex Company – www.instaforex.com