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27.01.202115:08 Forex Analyse & Reviews: Analysis of Gold for January 27,.2021 - Watch for selling opportunities on the rallies with the main target at $1.830-$1.810

ECB is monitoring strengthening in the euro

  • Euro strength would take prominence for ECB if it threatens inflation outlook
  • ECB taking a holistic view on financing conditions
  • ECB hasn't reached lower bound, still room for rate cuts
  • Too early to talk about exit from low rates
  • There should be room for optimism after the summer

This is knocking the euro a little lower on the day, with EUR/USD falling to 1.2120 currently - creeping below its 200-hour moving average. There is also a slight dollar bid across the board as we see commodity currencies ease to session lows on the day as well.

Further Development

Exchange Rates 27.01.2021 analysis

Analyzing the current trading chart of Gold, I found that sellers are in control and as I predicted the downside cycle is active with potential for the test of the support levels at $1,830 and $1,810.

Key Levels:

Resistance: $1,850

Support levels: $1,830 and $1,810.

*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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