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22.01.202115:21 Forex Analyse & Reviews: Analysis of Gold for January 22,.2021 - Strong downside rotation today and potetnial for test of $1.824

Manufacturing PMI 54.7 vs 54.4 expected

  • Composite PMI 47.5 vs 47.6 expected

Another divergence between manufacturing and services which makes sense as the social (services sector) is more vulnerable to COVID-19 transmission. EURUSD unfazed on this and the coming vaccine will mean all this will be looked through in the big picture.

Further Development

Exchange Rates 22.01.2021 analysis

Analyzing the current trading chart of Gold, I found that there was a strong downside rotation due to overbought condition but that support is near the active price.

1-Day relative strength performance Finviz

Exchange Rates 22.01.2021 analysis

Based on the graph above I found that on the top of the list we got VIX and Feeder Cattle today and on the bottom Wheat and Crude Oil.

Key Levels:

Resistance: $1,857

Support levels:$1,832-$1,823.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Uitgevoerd door Petar Jacimovic,
Analytische expert
InstaForex Group © 2007-2021
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