Monday, 18 January 2021

GOLD Recovering From the Lows: Eyes $1865 Level

 By Deya Hroob


Gold prices rose today, Monday, after hitting the lowest level in a month and a half earlier in the session, supported by the chances of approving a huge American package for relief from the repercussions of the Corona virus.

The spot price of gold rose 0.5 percent to $ 1837.78, after falling earlier to $ 1803, its lowest level since the second of December.


GOLD Technical Analysis

Gold has recovered from the low $1803 earlier today and closed at $1837.78  . The weekly chart shows that the 50-weekly EMA offers great support for each dip. ( now at $1791).




 

On the daily chart, the precious metal respected both the uptrend line and the 200-day EMA which is quite positive. $1865 will be the first hurdle for GOLD, then the psychological level at $1900.

On the flip side, if we lose the trend line, a fall to the strong support structure is possible.




 

Trade Wise and Good Luck,


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