Chart of the day - GOLD (22.01.2021)

8:55 AM January 22, 2021

A recovery on the gold market has paused recently and the price of the precious metal pulled back a bit. We can observe a test of the support zone marked by the 38.2% retracement of recent downward correction ($1,860 area). In case bulls manage to defend this technical level, the next upward move could be launched with the $1,900 area at 61.8% retracement being the first target. On the other hand, breaking below the $1,860 zone would pave the way for a decline towards support at $1,827.50. Gold traders should stay on guard today at 7:45 pm GMT as Joe Biden will deliver a speech on response to the economic crisis. Speech could be a trigger for additional volatility on the US dollar market and, in turn, on the gold market as well.

Source: xStation5

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