Gold Technical Analysis Report 8 January, 2021

• Gold under bearish pressure
• Likely to fall to 1850,00

Gold under bearish pressure today following the downward reversal from the resistance area set between the pivotal resistance level 1965.00 (which has been reversing the price from of September, as you can see from the daily Gold chart below), upper daily Bollinger Band and the 61.8% Fibonacci retracement level of the previous downward price move from August to November.

Given the improvement in risk sentiment amid mass vaccination programmes – Gold is expected to fall further in the active minor impulse wave 3 toward the next support level 1850,00 (50% Fibonacci correction level of the earlier ABC correction 2) – standing near the 200-day simple moving average.


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