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Where Did You Gold? - Gold Price Tries to Recover

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Illustration photo of Gold Price H4 Chart from economies.com

Clear positive trades were provided by gold prices after finding near $1830 solid support, heading towards potentially $1863.85 key resistance. Notice there is a potential formation towards the positive that limits recent trades while technical indicators form negative pressure on prices. 

Accordingly, staying aside is preferable right now with the contradiction between the technical factors until there are clearer signals for the next trend, which will only be achieved once the price breaches one of the above-mentioned levels. Positive motives will be formed once $1863.85 is breached to achieve new gains, beginning from $1900 followed by $1928.60. 

In the meantime, breaking the support will press the price to restart the bearish trend that is at $1800 for its next target.

Today’s trading range is expected to be between $1830 support and $1975 resistance.

The trend for today is expected to be neutral. 

FOLLOWME XAU/USD Overall Sentiment (As of 5:04 p.m., Jan 15, 2021)

Short - 50.03%

Long - 49.97%

Source: economies.com


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