Comment on Gold January 11, 2021:
After 2 days of opening at the beginning of the year, gold price increased, the last 3 days of the week, Gold had a strong decline after the US Congress officially recognized the victory of Mr. J. Biden, Gold decreased from 1959 to 1827 ($ 132) and closed the week at 1847. Last Friday night Gold was sold off but notice the weekly candlestick that could see Gold stalled at 1827 to coincide with the opening price of the first 2 weeks of December 2020. Meet this support zone Gold has rebounded $ 27 at the end of the session so this price zone will act as the daily support of the precious metal.
- In terms of the shorter time frame D1 and H4 we can see more clearly the support zone of Gold today is around 1830-1835 and I expect early in the morning Gold will decrease slightly there to there may be an opportunity to establish a buy position.
- The nearest target we can maintain buy is at around 1858 and further around 1870, this is also the closest resistance price zone pushing down the price of Gold during the day.
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