Gold Technical Analysis Report 12 January, 2021

• Gold reversed from key support level 1819.95
• Likely to rise to 1900.00

Gold recently reversed up with the daily Doji pattern from the key support level 1819.95 (which has been reversing the price from the start of December) – standing near the lower daily Bollinger Band, 200-day moving average and the 61.8% Fibonacci correction of the upward impulse (1) from last month. The upward reversal form this support area stopped the previous minor corrective wave (2).

Given the clear daily uptrend, the strength of the support level 1819.95 and the growing bearish USD dollar sentiment seen today – Gold is expected to rise further toward the next round resistance level 1900.00.

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