Gold Technical Analysis Report 18 January, 2021

• Gold reversed from support area
• Likely to rise to resistance level 1865.00

Gold today reversed up with the daily candlesticks reversal pattern Hammer from the support area located between the pivotal support level 1820.00 (which has been reversing the price from the start of December) standing near the lower daily Bollinger bad. The upward reversal from this support area is aligned with the (B)-wave of the active medium-term ABC correction (2) from the start of January.

Given the skyrocketing covi-19 cases in China and the lockdown measures which have locked close to 29 million of residents there – Gold can be expected to rise further toward the next resistance level 1865.00 (former support from the end of December).

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